Saudi Fisheries receives ownership transfer certificate for Riyadh land plot

Saudi Fisheries Co. received today, Dec. 22, the ownership transfer certificate for the 6,264 square meter land plot in Riyadh from the notary public, the company said in a bourse filing.

However, the company is still following up on the completion of the transfer of ownership for the 8,400 square meter Jeddah land plot.

Following the completion of the procedures for issuing the certificates of the land in Jeddah, Saudi Fisheries will start the process of listing the value of the two land plots in its capital for the benefit of the government, in accordance with the Royal Order.

The process will, however, will be done after taking necessary approvals from the Capital Market Authority (CMA), relevant authorities and carrying out the re-evaluation process, as well as appointing the financial advisor to complete the process.

The financial impact will be announced upon re-evaluation of the two land plots and the process of including their value in the company's capital.

In late 2013, Saudi Fisheries received a letter from the Public Investment Fund (PIF), which included the approval on the transfer of ownership for the two land plots that were earlier handed over to the company by the Ministry of Agriculture, provided their value would be included in the share of the state – represented in PIF - in the company's capital, according to data compiled by Argaam.