Riyadh Cables’ major shareholder to transfer 7.4M shares to sister company

09/06/2024 Argaam
Logo ofRiyadh Cables Group Co.

Logo of Riyadh Cables Group Co.

Riyadh Cables Group Co. said it has received a letter from A.K Almuhaidib & Sons, in its capacity as a major shareholder owning a stake of 23.985%, indicating that it wants to restructure its investment portfolios, according to a statement to Tadawul.

 

The restructuring will be implemented via transferring 7.4 million shares, or 4.93% of Riyadh Cables shares, from A.K. AlMuhaidib & Sons to AlMuhaidib Holding, a sister limited liability company.

 

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This transfer will result in a change the major shareholder’s ownership in Riyadh Cables, the statement added.

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