National Agricultural Development Co. Announces an update on The National Agricultural Development Company (NADEC) announces recent developments on signing of a memorandum of understanding with United Feeds Company to explore cooperation in establishing a livestock project specializing in (Sheep and Goats).
| Element List | Explanation |
|---|---|
| Introduction | The National Agricultural Development Company (NADEC) is pleased to announce to its valued shareholders, under the patronage and presence of His Excellency the Minister of Environment, Water, and Agriculture, Eng. Abdulrahman bin Abdulmohsen Al-Fadley, the signing of a partnership agreement with the United Feed Company (One of Al Muhaidib Group's companies) on Thursday, 04/09/1445 AH, corresponding to 14/03/2024 AD, to establish a limited liability company for an intensive animal livestock project specializing in (sheep and goats) and meat production (the Company), where NADEC's ownership stake will be equivalent to 51% of the company's capital.
The agreement includes several terms and conditions that govern the establishment, management, and operation of the company and business transactions between the parties, contributing to animal wealth and to support in achieving food security in the Kingdom of Saudi Arabia through the establishment and management of high-tech farms to ensure the sustainability and availability of local red meat products with the highest quality standards for consumers, providing suitable options and improving the trade balance by building an integrated system and developing a series of agricultural and animal projects through multiple partnerships, and providing many direct and indirect employment opportunities. |
| Previous Announcement | The National Agricultural Development Company (NADEC) announces recent developments on signing of a memorandum of understanding with United Feeds Company to explore cooperation in establishing a livestock project specializing in (Sheep and Goats). |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-08-03 Corresponding to 1445-01-16 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The National Agricultural Development Company (NADEC) signed a partnership agreement with the United Feed Company (a limited liability company) on Thursday, 04/09/1445 AH, corresponding to 14/03/2024 AD, to establish a limited liability company for an intensive animal livestock project specializing in (sheep and goats) and meat production. |
| Reasons For The Delay on The Date of The Event Previously Announced | Do not apply |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Do not apply |
| Delay consequences on the Company’s financial results | Do not apply |
| Additional Information | NADEC will announce the financial impact later and any significant developments in this regard at the time.
In case of any inquiries, please contact with the department of Investor Relations on:
Telephone No: 0112027830 Email: IR@nadec.com.sa |
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