GACO claims SAR 1.8M from Fakieh Poultry

All legal procedures related to the transfer of the title deed were completed, including enforcement actions and the issuance of the title deed in the name of Fakieh Poultry.

For more news on listed companies

In a statement to Tadawul today, Oct. 20, GACO clarified that it received the agreed amount of SAR 1.84 million from Fakieh Poultry.

According to data available with Argaam, GACO previously authorized Al-Mahous to complete the procedures related to the issuance of title deeds for outstanding agricultural ministerial decisions, which are the remaining title deeds to complete the sale contract of the company's agricultural project in the Al-Jouf region with Fakieh Poultry. GACO was to receive the outstanding dues of SAR 1.84 million in return for obtaining and registering the title deed.

However, Al-Mahous obtained and registered the title deed under his name and refused to transfer the property to Fakieh Poultry despite being authorized by the board of directors.

Fakieh Poultry filed a lawsuit against Al-Mahous, and in November 2023, Al-Qassim Court of Appeal issued a final ruling against him in favor of Fakieh Poultry. According to GACO's previous announcement, the company expected to receive SAR 1.84 million from Fakieh Poultry once the title deed was transferred to its name.