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Article Twenty:

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​Article After Amendment

​Article Prior to Amendment

Amendment to Paragraph (2) of Article Twenty:

2- The approval of the Boar​d must be obtained before making any sale or purchase, direct or indirect assignment of stocks, shares, tools, securities that are convertible into capital issued by a Service Provider licensed to operate in the Kingdom which results in the ownership or control by any natural or legal person of 5% or more of shares or stocks of the Service Provider, or which results in reaching the level of a controlling Service Provider in a related telecom market or part thereof.


 
 

1- Without prejudice to the provisions of other laws, the Service Provider shall obtain the Board's approval before making any merger with other service provider inside or outside the Kingdom and inform Commission within (five) business days of any initial agreement made in this regard.

2- The Service Provider or any natural or legal person shall obtain the Board's approval before purchasing 5% or more of shares or stocks of a service provider licensed to operate in the Kingdom, which may result in reaching the level of the Service Provider that controls a related telecom market or part thereof.

3- ​The Commission shall, within the period stipulated by the Bylaws, decide on any received requests in accordance with Paragraphs (1) and (2) of this Article.

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