Saudi Fisheries inks SAR 100 mln agreement with NAQUA

26/10/2023 Argaam

Saudi Fisheries inks SAR 100 mln agreement with NAQUA

Logo of Saudi Fisheries Co. (SFICO)

Saudi Fisheries Co. signed today, Oct. 26, a futures trading contract in the aquaculture sector with the National Aquaculture Group (NAQUA), valued at SAR 100 million.

 

The two-year agreement is tied to the collateral of equipment in the under-construction feed mill, according to a Tadawul filing.

 

The project’s financial impact is expected from Q4 2023 and throughout 2024 Saudi Fisheries added, noting that Ahmed Al Ballaa is a related party.

 

The contract is in the course of normal business activities, with no preferential treatment. It will be presented at the upcoming general assembly meeting due to the board member's vested interest in obtaining approval, the company added.

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