In a recent announcement made by Mohammad Hassan Al-Naqool Sons Company, it was revealed that the company has submitted an application file to the Capital Market Authority for the purpose of increasing its capital. The application, dated 01/19/1444 AH, corresponding to 08/17/2022 AD, proposes the offering of priority shares to potential investors. This move is expected to have significant implications for the company's future growth and development.
In a recent development, the Board of Directors of the company has made an important announcement to its shareholders. During a meeting held on Wednesday, 02/14/1445 AH, corresponding to 8/30/2023 AD, the Board decided to cancel its previous recommendation to the Extraordinary General Assembly regarding the increase of the company's capital. This recommendation was initially announced on 01/17/1443 AH, corresponding to 08/25/2021 AD, and later amended on 04/04/1443 AH, corresponding to 11/09/2021 AD. The Capital Market Authority has been duly notified of this decision, and the relevant file has been withdrawn.
The company's current projects have been successfully covered thanks to the availability of funding sources that were previously unavailable.
In a strategic move, the company has unveiled a well-defined roadmap to successfully execute its upcoming projects and expansions, all while avoiding the necessity of raising additional capital.
The company has stated that it will disclose any pertinent updates in the appropriate timeframe.
