Title: Circular No. (06) of 2022

“Circular to All Licensed Persons”

Based on the provision of Item (10) of Article (1-18) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law N. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, and Article (11) of the Executive Bylaws of Law No. 1 of 2016 Regarding the Issuance of the Companies Law concerning obtaining CMA’s prior approval on any amendment to the company’s contract.

We would like to draw the attention of all licensed persons to the importance of complying with the provisions of the mentioned Articles, provided that amending the company’s objectives shall be in line with the titles of the securities activities included in the Executive Bylaws of Law No. 7 of 2010 previously mentioned.

Accordingly, in the event of intending to hold an extraordinary general assembly, it is required to include the item of amending the company’s objectives stipulated in the Memorandum and Articles of Association in line with the titles of the securities activities included in the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments and remove the objectives related to the securities activities included in the company’s contract that are not licensed by the CMA.

Prof. Ahmad Al-Melhem

Issued on: 12/05/2022

Copy of the Official Document