Arabian Pipes Co. Announces the results of the extraordinary general assembly meeting, which included an increase in the company's capital (second meeting)
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Arabian Pipes Company is pleased Announce the results of the Extraordinary General Assembly meeting which included an increase the company’s capital which was held on Thursday 11/10/1443 corresponding 12/05/2022 (second meeting) |
| City and Location of the Extraordinary General Assembly's Meeting | Riyadh the company’s office in the Sulaymaniyah (by means of modern technology) |
| Date of the Extraordinary General Assembly's Meeting | 2022-05-12 Corresponding to 1443-10-11 |
| Time of the Extraordinary General Assembly's Meeting | 20:30 |
| Percentage of Attending Shareholders | 33.35% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following board members attended:
Mr. Youssef Saleh Mansour Abalkhail (Chairman). Mr. Khaled Abdullah Rashid Abunayan (Vice Chairman). Mr. Azzam Saud Suleiman Al-Mudaihim (Board member). Mr. Saad Falah Murie Al-Qahtani (Board member). Mr. Abdullah Mohammed Hilal Al-Harbi (Board member). Mr. Faisal Mohammed Hilal Al-Harbi (Board member). Mr. Ahmed Ali Abdul Karim Al-Luhaidan (Board Member and CEO). Member did not attend the meeting: Mr. Musa Abdullah Al-Ruwaili |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | The meeting was attended by the heads of the committees:
Mr. Khalid bin Abdullah Abunayyan. (Chairman of the Executive Committee) Mr. Saad Bin Falah al-Qahtani. (Chairman of the Audit Committee) Mr. Azzam Bin Saud Al-mudaiheem. (Member of the Nominations and Remunerations Committee) Mr. Abdullah bin Mohammed Alharbi. (Chairman of the Governance Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Disapproved the Board’s recommendation to increase the Company’s capital by offering the right issue shares as follows
a. Capital increase percentage: 300% b. The total amount of the increase is (300,000,000) Saudi riyals C. The reason for the capital increase: Supporting working capital, enhancing the company’s financial solvency, reducing the borrowing rate, developing and modernizing the company’s factories in Riyadh and Jubail, and expanding a number of support products for pipe services within the company’s business. F. Method of capital increase: Offering and listing rights issues of 30,000,000 ordinary shares G. If the item is approved, the eligibility will be for the shareholders who own shares on the day of the extraordinary general assembly who are registered in the company’s shareholders register at the depository center at the end of the second trading day following the date of the extraordinary general assembly. H. Amending Article Seven (7) of the company’s bylaws, related to capital (attached). I. Amending Article Eight (8) of the company’s bylaws, related to subscription for shares (attached). |
| Additional Information | The company would like to confirm that they will study their options in the best interest
for company and shareholders. |
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