Saudi Fisheries sells 51% stake in Al-Haridah Aquaculture for SAR 33.2M

Logo of Saudi Fisheries Co. (Alasmak)

Saudi Fisheries Co. (SFICO) sold a 51% ownership stake in Al-Haridah Aquaculture Co. to Sara National Trading Co., a statement to Tadawul indicated.

The agreement, concluded today, Oct. 28, mandated the transfer of contracts, licenses, and project-related assets to Sara National, in line with the terms outlined in the deal.

Sara National acquired a controlling stake of 5,100 shares (51%) of Al-Haridah’s share capital, along with the transfer of the appended land lease, licenses, assets, contracts, and related rights from Saudi Fisheries to Al-Haridah.

As a result, Sara National is authorized to manage the company and appoint a manager, in accordance with the draft articles of association following the transition into a simplified joint-stock company.

The transaction conditions are as follows:

1- Transfer of the project land lease to Haridah.

2- Transfer of the aquaculture licenses to Al-Haridah.

3- Enabling the transfer of project assets.

4- Approval of Saudi Fisheries’ extraordinary general assembly.

5- Specific implementation deadlines: (a) Presentation of the agreement to the general assembly within 45 days of signing. (b) Transfer of the lease and licenses within four months. (c) Transfer of assets within four months of the appointment of the second party's representative as company manager.

6- Termination provisions in case of non-compliance with approvals or default on the first payment.

7- Commitment of the parties to cover and support the company's liquidity and operating costs with SAR 20 million during the first five years in proportion to their ownership. Any amount paid by one party without compensation from the other will be recorded as an increase in capital, corresponding to new shares for the contributing party.

Saudi Fisheries, aiming to utilize the company's assets in a way that draws long-term investment returns, is partnering with a regional strategic operator specializing in the optimal operation of the assets, the statement added.

The company expects the financial impact of this transaction to be reflected starting from Q4 2025. It noted that the proceeds were used in financing its current business activity.

*Saudi Fisheries’ financial statements do not constitute designated capital and equity for the transaction.

Sara National is a Saudi company specializing in the sustainable aquaculture and production of high-quality shrimp and fish on the Red Sea coast. Being a subsidiary of Arabian Food Group, it serves as the group's investment and operational arm in the aquaculture sector.