Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) announced signing a memorandum of understanding (MoU) with Tabuk Fisheries Company, Tharawat Seas Company, and Aquaculture Sharq Farms (ASF) Company.
The agreement involves studying the possibility of merging the three companies with the aquaculture sector of Jazadco under a new limited liability entity with a SAR 500,000 capital, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Jazadco’s share in the new firm will be 45%, with other shares depending on the contribution of tangible assets by each partner.
The aim is to support fish farming and aquaculture in Saudi Arabia, in line with the Saudi Vision 2030 goals.
It is worth noting that the agreement is valid for six months, from 14 January to 13 July 2020.
