GIBRALTAR, Oct. 7, 2026 — Forafric Global has signed a letter of intent to acquire 100% of Moroccan industrial platform AL NASR Industries & Systems, a move that would establish a defence-focused pillar for the Nasdaq-listed group.
Forafric said the proposed acquisition would give it a platform in Morocco’s developing defence industry as the country seeks to build domestic manufacturing capacity in the strategically sensitive sector.
AL NASR, which was recently established in Morocco, holds minority stakes in two companies developing defence manufacturing plants in the country. Both companies have received licences under Moroccan Law No. 10-20, which regulates activities in the defence sector.
Forafric expects the transaction to close in the fourth quarter of 2026, subject to due diligence, definitive agreements, board approval and any required regulatory authorisations.
The acquisition would be a related-party transaction because AL NASR and Forafric Global are controlled by the same ultimate beneficial owner.
The proposed deal marks a significant shift in Forafric’s strategy following the company’s decision to reduce its exposure to its historical Moroccan food business and focus more heavily on defence and energy.
Forafric said it intends to build a portfolio of defence projects through investments and partnerships, with the longer-term objective of increasing its ownership positions.
The company continues to operate in food security through its West African activities and is also developing selected energy opportunities.
The proposed acquisition is not yet binding. Forafric cautioned that negotiations may not result in definitive agreements and that the transaction may not ultimately be completed.
The company said completion will depend on the outcome of due diligence, agreement on final terms, approval by its board and receipt of applicable regulatory approvals.
The move comes as Morocco seeks to expand its domestic defence-industrial base and develop local manufacturing capabilities in a sector traditionally dominated by imports and international suppliers.
Forafric Global is listed on Nasdaq under the ticker AFRI. The company said its strategic transition is intended to expand beyond its food-security roots into defence and energy while maintaining selected food-security operations in West Africa.
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