Arab Sea Information Systems signed a memorandum of understanding with PayTabs Group for the proposed sale of its SeaPay unit. The proposed price is SAR 35 million for the full stake. PayTabs Group is also known as Growth Makers Company.
Proposed terms
The memorandum was signed on October 22, 2026. It covers Arab Sea Information Systems' full ownership of Arab Sea Financial Company, which operates as SeaPay. The deal requires due diligence and a definitive sale and purchase agreement.
Company background
Arab Sea Information Systems is a Saudi technology company. SeaPay is its wholly owned subsidiary under the formal name Arab Sea Financial Company. PayTabs Group is the proposed buyer.
Deal conditions
No related parties are involved in the transaction. The memorandum will remain valid for six months from signing or until a final agreement is executed, whichever comes first. Signing the memorandum has no immediate financial impact on Arab Sea Information Systems.
Completion also requires regulatory approvals and no-objection confirmations. Arab Sea Information Systems said it will disclose material developments in due course. The financial implications will be determined once the transaction is completed.