SAUDI ARABIA —Arab Sea Information Systems Company has entered into preliminary discussions to transfer full ownership of its subsidiary, Arab Sea Financial Company, known as SeaPay, to PayTabs Group, also identified as Growth Makers Company. The parties signed a memorandum of understanding on October 22, 2026, setting out a proposed consideration of SAR 35 million for the 100% stake.
The transaction has not yet reached completion. The next stages include financial, legal and operational due diligence, negotiation and signing of a definitive sale and purchase agreement, and receipt of the required regulatory approvals and no-objection confirmations. The memorandum will remain in force for up to six months from signing, unless the definitive agreement is executed earlier.
The proposed sale would transfer SeaPay entirely out of Arab Sea Information Systems’ ownership structure. For the seller, the transaction could represent a portfolio adjustment and provide proceeds once the deal closes, although the company has not disclosed how any proceeds would be used. The stated consideration provides an indicative transaction value, but the final terms remain dependent on due diligence and the definitive agreement.
The deal is relevant to Saudi Arabia’s financial technology and digital payments market, where changes in ownership can reshape the strategic positioning of payment-related businesses. PayTabs’ proposed acquisition of SeaPay could expand its business footprint or capabilities, depending on the subsidiary’s operations and the final transaction scope. However, the announcement does not detail integration plans, expected synergies, customer numbers or operational changes, so the potential commercial impact cannot yet be quantified.
Arab Sea Information Systems Company operates in information technology and business systems, while SeaPay is its wholly owned financial services subsidiary. PayTabs Group is the counterparty to the proposed purchase. The announcement states that no related parties are involved and that signing the memorandum alone creates no immediate financial impact. Any financial effect is expected to be assessed when the transaction is completed in accordance with applicable regulations.
Investors and market participants will be watching for updates on due diligence, regulatory clearances and execution of the definitive sale agreement. Until those conditions are met, the SAR 35 million transaction remains proposed rather than completed, and its final implications for the parties will depend on the closing terms.
