PayTabs agrees in principle to buy SeaPay for SAR 35M (about $9.3M)

PayTabs has agreed in principle to buy SeaPay for SAR 35 million (about $9.3 million). Arab Sea Information Systems signed a memorandum of understanding with PayTabs Group (also known as Growth Makers Company) on 22 October 2026. The MoU covers the sale of Arab Sea’s entire 100 percent stake in Arab Sea Financial Company, which operates as SeaPay. The proposed price is SAR 35 million for the full ownership. The MoU is valid for six months from signing or until a definitive sale and purchase agreement is signed, whichever comes first. No related parties are involved. Signing the memorandum has no immediate financial impact on Arab Sea. The financial effect will be determined once the transaction is completed. The next steps are due diligence, negotiation and signing of a final sale and purchase agreement, and regulatory approvals and no-objection confirmations from the relevant authorities. Arab Sea has said it will disclose material developments as they arise. SeaPay is a wholly owned subsidiary of Arab Sea Information Systems, a Saudi technology company listed on Tadawul. PayTabs is a regional payments company. The company has not published SeaPay’s current revenue, number of merchants or payment volume. Those figures would show the size of the business being bought. Without them the SAR 35 million remains a headline number. For merchants the practical change is still ahead. The MoU does not transfer ownership. Until a final agreement is signed and approvals are obtained, SeaPay continues to operate under Arab Sea. The value depends on whether the deal closes and what PayTabs does with the licensed entity afterwards. Other payments companies in the region have also bought local licensed entities. PayTabs has previously acquired point-of-sale and contactless businesses. The comparison is between an agreement in principle for a Saudi licensed entity and completed acquisitions that have already moved merchants and volume. The announcement does not list any change in SeaPay’s operations or merchant base. It lists only the memorandum and the proposed price. A reader can see the intended scope. A reader cannot yet see whether the deal will close or what the combined payment volume will be. The companies have not published the payment structure or the timeline for closing beyond the six-month validity of the MoU. Those details would show the conditions that still need to be met. Without them the agreement remains a non-binding memorandum. Arab Sea has not listed SeaPay’s main products or the markets it currently serves. Those details would show what PayTabs is buying. Without them the acquisition target remains a licensed entity rather than a described business. The companies have not published any independent valuation of SeaPay or the premium over book value. Those numbers would show the price relative to the business. Without them the SAR 35 million remains an agreed figure under a non-binding memorandum. If the parties sign a definitive agreement and obtain the required approvals, the acquisition has a measurable follow-through. If the next update is only a restatement of the memorandum, the change for merchants remains the same as the initial announcement. The figures missing are SeaPay’s current payment volume and the number of merchants it serves.