PIF-owned SALIC buys 12.5% of NADEC shares

This deal accounts for nearly 12.46 percent of NADEC’s total outstanding shares. (Shutterstock)

RIYADH: PIF-owned Saudi Agricultural and Livestock Investment Co. has completed a deal to acquire 12.66 million shares in National Agricultural Development Co., known as NADEC.

This deal accounts for nearly 12.46 percent of NADEC’s total outstanding shares, which amount to 101.64 million, according to a bourse filing.

SALIC is one of the main shareholders of NADEC which owns more than 5 percent of the company’s capital.

Previously, SALIC owned 20 percent of NADEC, and following the deal, SALIC will hold 32.46 percent.