Bakri International Energy Company Limited agreed to acquire Jazan Development Company (SASE:6090) in a reverse merger on December 28, 2018. Jazan Development signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. to acquire Bakri International for SAR 67.5 million in cash, and 84 shares for each of 42 million shares held. The transaction also includes an earn-out component payable dependent on Jeddah Fuel Supply Co.'s profits for three years following the operation. The share issue as a part of the consideration will leave the current shareholders of Jazan with a 45% stake. The transaction is subject to approvals from regulator and general assembly, and expected to complete in two or three months. As of April 18, 2019, Jazan filed a request to the General Authority for Competition (GAC) for approval. As on May 27, 2019, Jazan extended the period to complete transaction from May 31, 2019 to September 30, 2019. Bakri International Energy Company Limited agreed to acquircancelled the acquisition of Jazan Development Company (SASE:6090) on January 2, 2020.