(MENAFN) A group led by fund manager Ashmore Group plc sold a Saudi waste management company to a group of Gulf private equity firms, with banking sources valuing the deal at around USD300 million, Arabian Business reported.

Jeddah-based Global Environmental Management Services (GEMS) collects, handles and disposes of petroleum and chemical wastes and is also involved in waste water treatment in the kingdom.

Saudi Arabia's Jadwa Investment said that it had bought into the company through its Jadwa Waste Management Opportunities Fund.

Two banking sources showed that Dubao-based Fajr Capital was also involved as a buyer and that the price was around USD300 million.