Al Kathiri Holding Company announces the conversion of its subsidiary, Alian Industry Company, from a limited liability company to a closed joint-stock company

Announcement DetailAl Kathiri Holding Company announces the decision of its Board of Directors convened on Thursday 08/19/1442 AH, corresponding to 2020/04/01 to convert Alian Industry Company – in which Al Kathiri Holding Company owns 100% of its capital which amounts to 10 million Saudi Riyals, from a liability company Limited to a closed joint-stock company, and notes that this conversion will serve the business direction of Alian Industry Company in future expansions and in maintaining its stability and sustainability. Furthermore, this decision should prepare the company to be listed in Nomu Parallel Market, which increases financing opportunities, enhances the capabilities and capacity of the company, and provides many diversified investment instruments and opportunities.Note that this Conversion will reduce the ownership of Al Kathiri Holding Company by 1% and the ownership of Al Kathiri Holding Company after the conversion will 99% of the capital of Alian Industry Company. Also, this conversion shall not have a material impact on the financial results of the company.Al Kathiri Holding Company has nominated the following members to represent it on the Board of Directors of Alian Industry Company (Closed Joint-Stock Company)1-Mr. Rayed Muhammed Nasser Al Kathiri2-Mr. Meshal Muhammed Nasser Al Kathiri3-Mr. Adel Ibrahim Muhammed Al Kathiri4-Mr. Saud Muhammed Abdullah Al Shuraim