Al Othaim shareholders approve selling shares in subsidiary, Madinah land

Shareholders of Abdullah Al Othaim Markets Co. approved the transactions and contracts that were concluded between the company and related parties, during the ordinary general meeting held on Sept. 27.

In a bourse statement, the company stated that the transaction includes selling the 13.65 million shares owned by Al Othaim Markets in Abdullah Al Othaim Investment Co. for SAR 846.54 million to Al Othaim Holding Co., without any preferential conditions. Company Chairman Abdullah Al Othaim and board member Abdulaziz Al Othaim have an indirect interest.

Shareholders also approved the transactions and contracts that will be concluded between the company and Abdullah Al Othaim Investment Co., where Chairman Abdullah Al Othaim and board member Abdulaziz Al Othaim have an indirect interest.

The deal includes selling a land plot owned by Al Othaim Markets in Madinah, spanning 105,664 square meters, for SAR 211.33 million, without any preferential conditions.