Sultan Holding rebuts rumors about Prince Sultan Al Kabeer's stake sale in Almarai

Almarai headquarters

Sultan Holding Co. denied reports that Prince Sultan bin Mohammed Al Kabeer Al Saud sold 43.5 million shares of his stake in Almarai Co. 
 

In a statement to Argaam, the dairy producer clarified that such rumors have nothing to do with Prince Sultan. 

On June 4, 2020, Prince Sultan established Sultan Holding Co. Ltd, a sole proprietorship, with Commercial Register No. (1010637076), in Riyadh, with the purpose of transferring all investments registered in his name, including shares in companies, into his fully-owned Sultan Holding Co. 

The Capital Market Authority (CMA) approved to transfer the shares of Prince Sultan from his portfolio to the portfolio registered in the name of Sultan Holding Co., but no transaction was executed. This confirms the false news about the prince's sale of his shares in Almarai. 

Changes in ownerships of board members on Dec. 28 showed a decline in the prince's ownership in Almarai from 23.69% to 19.34%, according to data compiled by Argaam.