Saudi Arabia’s National Gas and Industrialisation Holding Company (Gasco) said on Wednesday it had received clearance from the General Authority for Competition to proceed with its planned acquisition of a 50% stake in Jacko Gases.

The  competition authority yesterday (April 28) issued a no-objection certificate for the transaction, which involves the purchase of half of Jacko Gases’ share capital for SAR125 million ($33.3 million), following a 100% capital increase in the target company, said Gasco in its filing to Saudi bourse Tadawul.

The company is currently completing the remaining relevant regulatory procedures necessary to finalise the transaction, it stated.

One of the largest manufacturers in the kingdom, Jacko Gases provides gas requirement services. Headquartered in Riyadh, it supplies medical, industrial, and specialty gases such as argon, helium, carbon dioxide air, nitrogen, acetylene, oxygen, and nitrous oxide. 

In March, Gasco had signed an agreement with the owner of Jacko Gases to acquire a 50% stake in the limited liability company.-TradeArabia News Service