JAZADCO gets regulatory approval to liquidate Advanced Aquaculture

Logo of Jazan Development and Investment Co. (JAZADCO) 

Jazan Development and Investment Co. (JAZADCO) announced in a statement to Tadawul that the Ministry of Commerce approved on Jan. 23, to liquidate Advanced Aquaculture Co.  

Accordingly, the company’s commercial register will be removed on Jan. 17, and the relevant necessary measures will be taken.  

Advanced Aquaculture has not practiced any business activities since inception, and its purpose is no longer needed.

Partners had sought to merge their companies into one entity and aimed to hold talks with local or foreign investors, study opportunities and obtain financing from government development funds or any other option to proceed with the merger plan. 

No relevant financial impact is determined, and the related updates will be duly revealed, the statement said. 

In July 2020, JAZADCO approved signing an agreement with Tabuk Fisheries Co. (TFC), Tharawat Seas Co., and Aquaculture Sharq Farms Co. to establish Advanced Aquaculture as a new limited liability company. 

The capital of the new company was determined at SAR 100,000, with JAZADCO holding a 25% stake, data compiled by Argaam showed.