SALIC to sell 40% stake in Saudi Fisheries for $32.62m 

The deal involves 15,997,000 shares, representing SALIC’s entire stake in the firm, and is subject to regulatory approvals, according to Tadawul filing. Supplied
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  • Deal involves 15,997,000 shares, representing SALIC’s entire stake in the firm

RIYADH: The Saudi Agricultural and Livestock Investment Co. has agreed to sell its 40 percent stake in Saudi Fisheries Co. to businessman Abdulaziz bin Abdullah Al-Humaid for SR122.4 million ($32.62 million).

The transaction involves the transfer of 15,997,000 shares, representing SALIC’s entire stake in the company, and is subject to regulatory approvals.

Saudi Fisheries Co., known as Alasmak, is headquartered in Dammam and specializes in fishing, aquaculture, and seafood manufacturing and sales. The company operates fishing vessels, seafood processing plants, and retail fish counters both locally and internationally.

The company noted that the deal represents 39.99 percent of its shares. If the deal is completed, it will lead to a change in the major shareholders of Alasmak. The company has indicated that it will make further announcements regarding any significant developments once the share transfer is finalized.

In related financial activities, Alasmak’s board of directors recently amended its capital reduction proposal from 66.2 percent to 76.08 percent. This follows previous recommendations to reduce capital from SR400 million to SR188.44 million in January, and later to SR135.24 million in May.

Additionally, in July, shareholders rejected a proposed board remuneration of SR893,720 for 2023 but approved discharging the board of directors from liability for that year. In June, Alasmak secured a SR19 million Tawarruq facility from Riyad Bank to cover direct costs and general expenses, backed by a promissory note and a letter of guarantee.

In May, the executive board amended its capital reduction recommendation from 52.89 percent to 66.2 percent, implying a decrease in capital from SR400 million to SR135.24 million.

The board of directors proposed in January a 52.89 percent capital reduction from SR400 million to SR188.44 million, according to data available on Argaam.

These developments mark a significant shift in Alasmak’s ownership and financial structure, reflecting broader changes within the company.