CMA Disapproves Arab Sea Information Systems Company request of capital increase to purchase an asset.

Monday, August 14, 2023 at 4:02 PM

Arab Sea Information Systems Company (The “Company”) has sought CMA approval to increase its capital from SAR (100,000,000) to SAR (104,375,000) by issuing (437,500) ordinary shares to purchase an asset (The “Application”). After studying the application by the CMA and pursuant to the Capital Market Law and its Implementing Regulations, the CMA Board issued its resolution on 27/01/1445H corresponding to 14/08/2023G disapproving the mentioned above Application made by Arab Sea Information Systems Company due to violating the Companies Law and The Corporate Governance Regulation with regards to related party transaction and conflict of interest, relating to the submitted Application.