Al Othaim agrees to reduce stake in Mueen to 68%

Abdullah Al Othaim Markets Co. said in a bourse statement on Monday that it has agreed with shareholders to reduce its stake in Mueen Recruitment Co. (Mueen) to 68 percent from 88 percent, as previously announced on January 20.

The company added that it had also signed an agreement with other shareholders to co-found Mueen as a Saudi closed joint stock company (under establishment).

Al-Othaim has financed its equity in the new entity from its cash resources and does not expect to see a material financial impact for the project in 2015.

Mueen, which will be headquartered in Riyadh, will have SAR 100 million in capital. It will provide recruitment services, as well as labor and household manpower for public and private sectors.