Al Othaim proposes lifting curbs on foreign ownership

The board of Abdullah Al Othaim Markets Co. has recommended amending the company bylaws to lift the restrictions on foreign ownership, the company said in a statement to Saudi bourse, Tadawul.

The company is not expected to bear an additional tax burden pertaining to foreign stakes, given the ministerial decree to amend the income tax bylaws to exclude the shares of non-Saudis that are owned by speculative interest through trading.

The decision will be pending the approval of the extraordinary general meeting (EGM), the date of which will be decided after obtaining the necessary approvals and completing the required procedures.