Arab Sea says major shareholder not to dispose shares for 2 years

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co. announced that it received a letter on June 16 from major shareholder and board member Mohammed Al-Suhaibani, who owns 14% of the company’s capital.

Al-Suhaibani expressed his commitment to not dispose of his shares, whether by sale or transfer in any way, for two years from the letter’s date.

This does not have any financial impact on the company, according to a bourse statement.

According to the data available with Argaam, the company's share declined over the past eight sessions by nearly 40%. The stock closed on June 15 at SAR 108.60.