Al Kathiri converts fully-owned firm to closed joint stock company

Logo of Al Kathiri

Al Kathiri Holding Co.’s board of directors, in a meeting held on April 1, 2021, approved to convert Alian Industry Co. from a limited liability company to a closed joint stock company.

The company said in a bourse statement that this conversion will serve the business direction of Alian Industry Co. in future expansions and maintaining its stability and sustainability.

Furthermore, the decision will prepare the company to be listed in Nomu Parallel Market, which will increase financing opportunities, enhance the capabilities and capacity of the company, and provide many diversified investment instruments and opportunities.

Al Kathiri currently owns 100% of Alian’s capital which amounts to SAR 10 million.

The conversion will reduce the ownership of Al Kathiri by 1% and will become 99% of the capital of Alian.

The decision will not have a material impact on the financial results of the company.

Al Kathiri nominated Rayed Muhammed Nasser Al Kathiri, Meshal Muhammed Nasser Al Kathiri, Adel Ibrahim Muhammed Al Kathiri, and Saud Muhammed Abdullah Al Shuraim as members to represent it on the board of directors of Alian.

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