Bawan major shareholder seeks partial stake transfer to another portfolio

Logo of Bawan Co.

Bawan Co. received today, Nov. 11, a letter from Abdulqadir Al Muhaidib & Sons Group Co. (AMG) — a major shareholder who holds a 13.38% stake, regarding its intention to restructure its investment portfolios.

This involves an internal transfer of 2.9 million shares, or 4.83% of Bawan's total shares, to Al Muhaidib Holding Co., an AMG subsidiary, the company said in a statement on Tadawul.

This stake transfer, according to Bawan, would change the ownership percentage of one of its major shareholders, reflecting an update to its website list of major shareholders.

AMG obtained the approval of the Capital Market Authority (CMA) to transfer the securities without executing a trade, under subparagraph (m) of paragraph (2) of Article 36 of the Rules of the Securities Depository Center (SDC).