Naqi Water acquires SAR 7 mln poultry project

Naqi Water Co. signed on July 3 a contract to fully acquire a poultry project from Abdullah bin Saleh bin Abdullah Al-Bethi for Poultry in Qassim at a total value of SAR 7 million, according to a statement to Tadawul.  

The project spans 447,700 square meters in Unaizah governorate in Qassim. 

Under the contract, Naqi will pay SAR 4 million upon signing the contract, and the remaining amount upon finalizing the ownership transfer and the other regulatory measures.  

The deal will be financed from the company’s internal resources, the statement added.

The project comprises the land plot, poultry breeding sheds, egg-laying chicken coops, poultry farming supplies, other related equipment in addition to the project license issued by the Ministry of Environment, Water and Agriculture.

The acquisition is in line with Naqi Water’s strategic objectives aimed at expanding operations through leveraging the food production opportunities.

The relevant financial impact will appear in Q1 2024. Any updates will be revealed in due course.

The deal included no related parties, the statement added.