The Saudi Agricultural and Livestock Investment Co. (SALIC) is set to sell its 40% stake in Saudi Fisheries Co. (SFC) for SAR 122.4 million ($32.62 million). This transaction involves 15,997,000 shares, which constitute SALIC’s entire stake in the company.
Details of the Sale
Businessman Abdulaziz bin Abdullah Al-Humaid will acquire these shares. Al-Humaid, who is also the board chairman of Qassim Chamber of Commerce & Industry, and Raoom Trading Co., will complete this acquisition under a special sale and purchase agreement. The sale is pending regulatory approval, as noted in a Tadawul filing.
Saudi Fisheries Overview
Headquartered in Dammam, Saudi Fisheries specializes in fishing, aquaculture, and seafood manufacturing. The company operates fishing vessels, seafood processing plants, and retail shops both locally and internationally.
The stake is priced at SAR 7.65 per share, significantly below the closing price of SAR 22.02 on August 15. Once finalized, Saudi Fisheries will update its major shareholders list.
About SALIC
Established by Royal Decree in April 14, 2009, SALIC is a Saudi joint-stock company owned by the Public Investment Fund. Its mission is to ensure food security through investments inside and outside Saudi Arabia, by providing food products and stabilizing prices.
Since 2012, SALIC has invested in global agriculture, grain trading, rice, and meat industries. It has partnerships in countries such as Ukraine, Canada, India, Australia, Brazil, and Singapore, and collaborates locally with companies like Almarai, Nadec, Fisheries, and NAQUA.
