Naf says Ar Rass Municipality OKs land lease transfer

Naf received Ar Rass Municipality approval on Dec. 10

Naf Co. for Feed for Industry received on Dec. 10 approval from Ar Rass Municipality to assign the land lease contract—previously held by Foodicom, a related party—in favor of the company.

The original paper contract (No. 0460) was replaced with a new electronic contract (No. CN-96967) signed with Ar Rass Municipality, which is set to expire on 29/12/1465 AH.

An addendum to the lease contract was signed with Ar Rass Municipality under addendum number (CA-25-12-1531945), dated Dec. 10, 2025, under which the company replaces Foodicom in the said lease agreement, Naf said in a statement to Tadawul today, Dec. 11.

It added that all required regulatory procedures with Ar Rass Municipality have been completed and that the contract will be presented for shareholder approval.

According to data available with Argaam, Naf signed an assignment and sale agreement with Foodicom to acquire usufruct rights to an industrial land plot in Ar Rass, Qassim region, and purchase the buildings on it for SAR 3.05 million, excluding fees and taxes.

The land spans 7,020 square meters, and the deal includes the sale and transfer of ownership of an administrative/operational building, a closed warehouse, and all related installations and structures currently located on the industrial site.