Ash-Sharqiyah Development Company has complied with a ban on green fodder in Saudi Arabia to phase out production over a period of three years, the Tadawul-listed firm said in a statement.
The firm said it would later announce financial impact of the decision.
The company’s management team is also currently considering alternative operating activities by raising its capital, and entering into acquisitions of income-generating real estate assets and commercial businesses.
In December 2015, the Saudi agriculture ministry issued a three-year phase-out plan to end local production of green fodder by 2019. The move is aimed at protecting the environment, and reducing water wastage in the desert Kingdom.
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