Logo of Al-Fakhera Men’s Tailoring Co.
Al-Fakhera Men’s Tailoring Co. said a preliminary court ruling was issued in favor of Chairman in the case filed against him before the Commercial Court in Riyadh.
In a statement to Tadawul today, Jan. 29, the company said the ruling entailed that the Commercial Court has no jurisdiction to consider this case.
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The announcement is based on the disclosure made in Al-Fakhera’s prospectus about Case No. (439168498), registered with the Commercial Court in Riyadh, claiming 58% of the ownership of Chairman and major shareholder, Suleiman Al-Yahya, in the company.
Al-Fakhera added that there are no serious risks as the Chairman’s legal situation in this lawsuit is strong and sound, based on the external lawyer’s opinion. Any developments related to this case will be announced in due course.
The defendant, the Chairman, has hired an external lawyer specialized in commercial cases for defending and representing him before the court while preserving his property rights.
The company also noted that the ruling is a preliminary and is subject to appeal before the Commercial Court.
It also vowed to take all necessary legal measures to preserve its rights and those of its shareholders.
In October 2024, Al-Fakhera announced that several lawsuits were filed against its Chairman, Argaam’s data showed.
According to Al-Fakhera’s IPO prospectus, there is an ongoing case before the Commercial Court in Riyadh, demanding 58% of the Chairman’s majority ownership.
If a ruling is issued in favor of the plaintiff, the case will affect the Chairman’s ownership in the company and thus the ownership structure of the company's shareholders.
This may result in a change in the board and executive management, which may cause a negative and material impact on the company's operations, financial position, operations, and future prospects.
Chairman Al Yahya owns nearly 71.25% of Al-Fakhera after its IPO on the Nomu-Parallel Market.
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