Forafric Global PLC has signed a letter of intent to acquire 100% of AL NASR Industries & Systems, a Moroccan industrial platform focused on defense projects. The proposed acquisition would give the Nasdaq-listed group full ownership of AL NASR, whose portfolio includes minority stakes in two companies developing defense product manufacturing plants in Morocco. Both companies hold licenses under Moroccan Law No. 10-20, which regulates activities in the defense industry.
The acquisition is expected to be completed in the fourth quarter of 2026, but the agreement remains at an early stage and requires several steps before it can proceed. Forafric must complete due diligence, negotiate and sign definitive agreements, and obtain further approval from its board of directors based on the final terms. The transaction also requires any applicable regulatory approvals and authorizations.
Forafric disclosed that AL NASR and the group share the same ultimate beneficial owner, making the proposed acquisition a related-party transaction. The company said the acquisition would position AL NASR as its industrial defense platform and support its entry into a sector that Morocco seeks to develop as part of its national industrial strategy.
The proposed deal comes as Forafric reshapes its business following the sale of a majority stake in its historic Moroccan food business. In August 2026, the group completed the transfer of a 68% stake in Forafric Maroc SA to Moroccan industrial group Cap Holding SA. This transaction marked a new phase in Forafric’s strategy, allowing it to pursue opportunities across defense, energy, and food security.
Forafric continues to operate in food security through its activities in West Africa. It is also developing selected opportunities in the energy sector. In defense, the group plans to build a portfolio of projects through investments and partnerships, with the objective of gradually moving from minority to majority ownership positions.
The acquisition of AL NASR would be a strategic move for Forafric, enabling it to expand its presence in the defense industry. Morocco has been seeking to develop its defense sector as part of its national industrial strategy, and Forafric aims to be a key player in this effort.
Forafric’s entry into the defense sector is part of its broader strategy to diversify its business and pursue opportunities across multiple industries. The company’s plans for growth and expansion are expected to have a significant impact on the Moroccan economy and the defense industry as a whole.
Key points
- Forafric Global signs letter of intent to acquire 100% of AL NASR Industries & Systems.
- The acquisition is expected to be completed in the fourth quarter of 2026.
- The deal would position AL NASR as Forafric’s industrial defense platform and support its entry into the defense sector.
