PIF's SALIC raises stake in NADEC by 6.2% via share transfer

Logo of National Agricultural Development Co. (NADEC) 

National Agricultural Development Co. (NADEC) announced today, Sept. 18, that it has received a letter from Saudi Agricultural and Livestock Investment Co. (SALIC), a major shareholder who owns more than 5% of the company’s capital, regarding SALIC's intention to complete the process of transferring ownership of indirectly owned shares and depositing them in their direct investment portfolio.

In a statement to Tadawul, the company said 6.29 million shares, representing 6.19% of NADEC's capital, will be transferred, bringing SALIC's equity ownership in NADEC to 38.65%.

SALIC currently holds a 32.46% stake in NADEC's capital, according to data available to Argaam.

In a separate statement, SALIC, a subsidiary of the Public Investment Fund (PIF), indicated that it raised its stake in NADEC from 32.46% to 38.65%, as part of its strategic plans. This is the second increase in SALIC's equity in NADEC, which was 20% previously.