Al Battal Factory receives 1-year lock-up letters from 2 major shareholders

Al Battal Factory said the commitments prohibit any sale, assignment, or transfer of the shares during the lock-up period

Al Battal Factory for Chemical Industries Co. received two letters dated Dec. 18 from major shareholders, in which they fully committed not to dispose of their shares for one year.

In a statement to Tadawul, the company said the commitments prohibit any sale, assignment, or transfer of the shares during the lock-up period.

The first letter was received from Chairman Bassam Al-Dossari, who owns 266,500 shares, representing 7.99% of the company’s share capital. The other was from Al Battal Investment Co., which holds 1.47 million shares, or 44.02%.

The company said the commitments reflect shareholders’ intention to support ownership stability and bolster confidence in its strategy and expansion plans, adding that the move will have no financial impact on the company.