The Saudi Fisheries Co. (Alasmak) said it received a letter from its shareholder, Saudi Agricultural and Livestock Investment Co. (SALIC), of selling its entire 40% stake in Alasmak to Abdulaziz bin Abdullah Al-Humaid for SAR 122.4 million ($32.5 million).
In a statement to Tadawul, the company said the sale will be implemented after obtaining the regulatory approvals.
Upon the completion of the deal and the transfer of shares between shareholders, Alasmak said there will be a change in the major shareholders list, which will be later announced by the company.
The stake was sold at SAR 7.65 per share, compared to the Aug. 15 closing price of SAR 22.02 apiece.
The Saudi Fisheries Co. shares fell sharply at the beginning of Sunday’s trading session, by approximately 10%, to 19.82 riyals. It then minimized losses after the close, as its shares fell 8% or 1.74 points to trade at 20.28 riyals.
The company’s H1 2024 net loss had widened to SAR 19.7 million, from SAR 12.7 million in the year-earlier period, on higher production costs.
Accumulated losses by June 30, 2024, reached SAR 304.31 million, representing 76% of capital.
In March 2021, the Public Investment Fund (PIF) had announced it transferred 39.99% of its stake in the Saudi Fisheries Company to the Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of PIF.
It said the transfer aims to develop and support SALIC’s mission as PIF’s investment arm in the food and agriculture sector.
