Jazadco Receives Commerce Ministry Approval for Advanced Aquaculture Company’s Liquidation Decision

Jazan Development and Investment, known as “Jazadco,” made an announcement on January 24, 2024, confirming the Ministry of Commerce’s approval of the partners’ decision to liquidate the Advanced Aquaculture Company. The approval includes the publication of the partners’ resolution to dissolve the company, nullify its commercial registration, and undertake all necessary procedures for the liquidation process. The decision stems from the company’s inactivity since its establishment, coupled with the absence of its intended purpose to merge into a single entity and engage in negotiations with potential investors (both local and foreign) for financing opportunities from government development funds or other mutually agreed-upon methods to advance the merger plan.

Jazadco clarified that the Advanced Aquaculture Company’s registered capital is SAR 100,000, with Jazan Development and Investment contributing 25% of the company. Importantly, the liquidation is expected to have no financial impact.

It’s worth noting that the Advanced Aquaculture Company, formed in July 2020 under the Saudi corporate system, involved partnerships with Tabuk Fish Company, Tharawst Seas Company, and Aquaculture Sharq Farms Company. Operating in the aquaculture sector, the company was established with a capital of one hundred thousand riyals (SAR 100K).