Court rejects Al-Masafi’s claims on (SIIG) equity

Saudi Arabian Refineries Company (SARCO) announced on Tadawul portal that it was advised of the court’s refusal of its lawsuit against Abdullah Binzagr and Said Binzagr, claiming shares in the Saudi Group (SIIG).

Al-Masafi is claiming a right, it previously waived, to 770880 bonus shares in the Saudi Group in nominal value, plus corresponding rights in profits and distributed shares.

The company said it will challenge the verdict, and that it has to submit a formal challenge within 30 days from the date of receipt. Further developments will be announced in due course, said the company.

The lawsuit dates back to 2004, when the company waived its right to the capital increase of the (SIIG) to a third party in return for SAR 2.3 million. Afterwards the SIIG was listed and a subsequent increase in the value of its share by over 2000% urged some shareholders to raise the issue of waiver, thereby the company cancelled its decision and authorized its board to pursue necessary procedures to restore the capital increase rights.