Riyadh – Mubasher: National Agricultural Development Co’s (Nadec) board approved the offer of one of its partners to buy its stake in Arab Poultry Breeding and Production Co (Tasil).

Nadec’s stake amounts to 17.2%, equivalent to SAR 25 million ($6.67 million), according to a bourse filing on Wednesday.

Tasil operates in the field of poultry breeding which is part of Nadec’s main activities, the statement said.

The Saudi-listed firm noted that the deal’s return will be used to support the company’s expansion in its main activities.

The book value of Nadec’s stake in the other company amounts to SAR 3 million, while net profit of the sale reaches SAR 22 million.

The financial impact of the deal will appear in the second quarter of this year.