TAQA announces proposed divestment of stake in JESCO

The Industrialization and Energy Services Company (“TAQA”) today announced that it has signed an agreement to sell its 72% stake in Jubail Energy Services Company (“JESCO”) to ArcelorMittal Tubular Products Jubail (“AMTPJ”).

This transaction is part of AMPTJ’s proposed acquisition of 100% of JESCO. Headquartered in Jubail, JESCO is a pioneer of the Middle Eastern seamless tubes manufacturing industry, established as part of the strategic industrialization path set by the Kingdom of Saudi Arabia.

“AQA’s proposed sale of its stake in JESCO represents another significant step in delivering on TAQA’s corporate strategy, fully aligned with the Kingdom’s ambitions and objectives of creating a stronger local steel industry and manufacturing powerhouse in the Kingdom of Saudi Arabia. Looking ahead, TAQA will continue to focus its efforts on expanding into technology-driven oil field services and equipment.”

Khalid Nouh, TAQA’s Chief Executive Officer and JESCO’s Chairman of the Board

This transaction will create a national champion with a regional leadership position, which will supply best-in-class products to the Saudi market with strong export capabilities regionally and worldwide through ArcelorMittal’s international footprint and scale. The completion of the transaction is subject to certain closing conditions. TAQA was assisted on this transaction by Lazard as financial advisor and Herbert Smith Freehills as legal counsel.

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