Saudi Advanced Industries Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( Third Meeting )
- Date : 2023-01-26
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Saudi Advanced Industries Company is pleased to announce the results of the Extraordinary General Assembly Meeting (the third meeting). This is due to the lack of a quorum for the first meeting, and the second meeting was held an hour after the specified time, as the meeting was held at exactly six thirty in the evening on Wednesday on 03/07/1444 AH corresponding to 25/01/2023 AD by means of modern technology |
| City and Location of the Extraordinary General Assembly’s Meeting | At the company’s headquarters in the city of Riyadh by means of modern technology. |
| Date of the Extraordinary General Assembly’s Meeting | 2023-01-25 Corresponding to 1444-07-03 |
| Time of the Extraordinary General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 27.33% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | The meeting was attended by the following board members:
Mr. Abdullah bin Mohammed Al Humaidhi (Chairman of the BOD) Mr. Abdulrahman bin Nasser Al-Obaid (Vice Chairman of the BOD) Dr. Abdullah bin Suleiman Al-Juraish (Managing Director) Mr. FAISAL ABDULLAH IBRAHIM ALMUSHAWAH (Member BOD) Eng. AHMAD ABDULRAHMAN ALRABIAH (Member BOD)
Not attended:
Mr. Musa Abdullah Al-Ruwaili (Member BOD) |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Names of Those Attending on their Behalf | Mr. Abdulrahman bin Nasser Al-Obaid (Chairman of the Nominations and Remunerations Committee)
Dr. Abdullah bin Suleiman Al-Juraish (Chairman of the Investment Committee) Mr. Abdulrahman bin Nasser Al-Obaid (Chairman of the Audit Committee) Mr. SULTAN BIN SAMAH ALHARBI (CHAIRMAN of the Governance Committee) |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1-Aproval on the company’s purchase of a number of its shares, with a maximum of (2,500,000) of its shares, and to keep them as treasury shares, as the Board of Directors or whoever delegates it considers that the share price in the market is less than its fair value, and the purchase will be financed through its financial resources and credit facilities, and the authorization of the Board of Directors The management completes the purchase process within a maximum period of twelve months from the date of the decision of the extraordinary general assembly, and the company will keep the purchased shares for a maximum period of five years from the date of the approval of the extraordinary general assembly, and after the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.
2- Approval on the recommendation of the Board of Directors regarding the increase of the company’s capital by granting bonus shares to the company’s shareholders according to the following:
A- The company’s capital before the increase is (500,000,000) five hundred million Saudi riyals, and in the event that the extraordinary general assembly approves the increase to (600,000,000) six hundred million Saudi riyals, with an increase of (20%), the company’s capital will be increased through the capitalization of profits The remaining shares amounted to a total amount of (100,000,000) one hundred million Saudi riyals, by granting a free share for every five shares owned by the shareholders. The number of shares before the increase is (50,000,000) fifty million shares, and in the event of the approval of the Extraordinary General Assembly, the increase will become (60,000,000) sixty million shares. Where the company aims to increase the capital to strengthen the capital base of the company to promote future growth plans.
B- In the event that the item is approved, the date of eligibility for the bonus shares will be for the company’s shareholders who own shares on the day of the extraordinary general assembly, who are registered in the company’s shareholder register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly. . In the event that there are fractional shares, they will be collected in one portfolio for all shareholders, sold at the market price, and then its value will be distributed among the shareholders eligible for the grant, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.
C- Amending Article 7 of the company’s bylaws, which is related to the capital. (attached)
D- Amendment of Article 8 of the company’s bylaws related to subscription to shares. (attached)
3- Not approval on amending the first article of the company’s bylaws related to incorporation.
4- Not approval on the amendment of Article Two of the company’s bylaws related to the company’s name. |
| Additional Information | The Board of Directors of Saudi Advanced Industries Company is pleased to thank all shareholders for their participation and attendance of the work of the Ordinary General Assembly meeting (the Third meeting). |