Ashargiah Agriculture Development Company has sought CMA approval  to increase it`s capital from SR (75.000.000) to SR (1.344.236.350) for the purpose of  acquisition of 99% of the total assets and property of Almawared Foodstuff Company ,Almawared Moroccan Company, Meed Company and SADCO Group of Companies. After study of the application by the CMA in view of the legal requirements, quantitative and qualitative standards applicable to all companies that apply for increase of their capital, and since such capital increase is considered as an offer of  securities which is made under a prospectus that contravenes with the shareholders interest, and pursuant to the Capital Market Law which is promulgated by Royal Decree No. M/30 dated 2/6/1424, and the listing rules issued by the CMA Board by resolution No. 3-11-2004 dated 20/8/1425H, the CMA Board resolved disapproval of the prospectus, and consequently disapproved the above mentioned application made by the above mentioned company.