Al-Fakhera says final ruling issued in favor of Chairman

Logo of Al-Fakhera for Men’s Tailoring Co.

Al-Fakhera for Men’s Tailoring Co. said a final court ruling was issued in favor of its Chairman, Sulaiman Al-Yahya, in a case filed against him, according to a statement to Tadawul.

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The appeal was accepted in form but rejected in substance, upholding a previous judgment by the Third Circuit of the Commercial Court in Riyadh, which ruled that commercial courts lack jurisdiction over the case.

Al-Fakhera confirmed the ruling is final and reaffirmed its commitment to taking all necessary legal measures to protect its rights and those of its shareholders.

The company added that the Chairman had appointed an external attorney specializing in commercial cases to represent him, protect his ownership rights, and secure a favorable outcome.

According to data compiled by Argaam, Al-Fakhera announced in January that a preliminary court ruling had been issued in favor of the chairman, determining that the Commercial Court had no jurisdiction to hear the case.

In October 2024, Al-Fakhera disclosed that several lawsuits had been filed against its Chairman.

According to the company’s IPO prospectus, there is a case before the Commercial Court in Riyadh, seeking 58% of the Chairman’s majority stake.

Al-Yahya holds approximately 71.25% of Al-Fakhera after its IPO on the Nomu-Parallel Market.