Tabuk Agricultural Development Company announced on Thursday that its General Assembly approved the Board of Directors’ recommendation to exit from its investment in Masader Agricultural Feed Mill LTD Company. Tabuk Agricultural will sell its entire 60% stake in the company to its partner Ahmed Hussein Al-Omari for SAR 7 million. This includes shares in the factory owned by Ahmed Hussein Al-Omari, where Tabuk also holds a 60% share.
The decision was made to stop the recurring annual losses, which averaged SAR 4 million, and to generate cash liquidity for Tabuk Agricultural. The exit is expected to result in a net profit of SAR 9.6 million, which will be recorded in the company’s profit or loss statement.
The General Assembly meeting took place on September 25, 2024, with an attendance rate of 16.31%, sufficient for the second meeting under the company’s bylaws.
