The Saudi Agricultural and Livestock Investment Company (SALIC) owned by the Public Investment Fund (PIF) has increased its stake in the National Agricultural Development Company (NADEC) to 38.65% of the capital.  

NADEC, an agricultural and dairy producer, said in a regulatory filing on Riyadh's Tadawul exchange on Monday that SALIC has communicated its intention to complete the process of transferring ownership of indirectly owned shares by it and depositing them in the direct investment portfolio.

It said 6.29 million shares, representing 6.19% of NADEC's capital, will be transferred, bringing SALIC's equity ownership in NADEC to 38.65%.

(Writing by Brinda Darasha; editing by Seban Scaria)