The Saudi Agricultural and Livestock Investment Co. (SALIC) has agreed to sell its 40% stake in Saudi Fisheries Co., also known as Alasmak, to businessman Abdulaziz bin Abdullah Al-Humaid for SR122.4 million ($32.62 million). This transaction involves the transfer of 15,997,000 shares, representing SALIC’s entire stake in the company. The deal is subject to regulatory approvals.
Alasmak, headquartered in Dammam, 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 sale, representing 39.99% of Alasmak’s shares, will lead to a significant change in the company’s major shareholders. Alasmak has stated that further announcements will be made once the share transfer is finalized.
In recent financial developments, Alasmak’s board of directors amended its capital reduction proposal from 66.2% to 76.08%, following earlier 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.
These developments mark a significant shift in Alasmak’s ownership and financial structure, reflecting broader changes within the company.