Riyadh – Mubasher: Abdullah Al Othaim Markets’ board recommended that the extraordinary general meeting (EGM) amend Article 11 of the company's bylaws to omit the restrictions on non-Saudi investors.
The date of the EGM will be determined later after obtaining the necessary approvals from the competent authorities and completing the required procedures accordingly, a bourse filing stated on Wednesday.
The company’s decision came after the issuance of a ministerial decree to amend Paragraph 1 of Article 1 of the income tax bylaws.
The aim of the amendment was to exclude the shares of non-Saudi partners that are owned by speculative interest through trading in the shares of companies listed on the Saudi Stock Exchange, which means that the company will no longer bear the income tax burden.
