National Agricultural Development Co. (NADEC) Announces the Results of the Extraordinary General Assembly’s Meeting Including Capital Increase (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of the National Agricultural Development Company (NADEC) (the “Company”) is pleased to announce the results of the Extraordinary General Assembly meeting including the capital increase (first meeting), which was held via modern technology means at 6:30 PM on Sunday 21/04/1445H corresponding to 05/11/2023AD, as the attendance rate was %53.45 of the Company’s total shares, and after completed the Quorum for Convening, the results of voting on the assembly’s agenda were as follows: |
| City and Location of the Extraordinary General Assembly's Meeting | Via modern technology means from the Company's headquarters in Riyadh (using Tadawulaty portal) |
| Date of the Extraordinary General Assembly's Meeting | 2023-11-05 Corresponding to 1445-04-21 |
| Time of the Extraordinary General Assembly's Meeting | 18:30 |
| Percentage of Attending Shareholders | %53.45 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following board members attended the meeting:
1- Mr. Abdulaziz Saleh Alrebdi – Chairman
2- Mr. Abdulateef Abdullah Alrajhi – Vice Chairman
3- Mr. Ibrahim Mohammed Alamer
4- Mr. Ahmed Saud Shahini
5- Mr. Bader Abdulrahman Alsayari
6- Mr. Amr Abdulaziz Aljallal
7- Mr. Abdulaziz Mohammad Alrugaib
No one was absent. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | All chairpersons of the following committees attended:
1- Mr. Abdulaziz Saleh Alrebdi (Chairman of the Executive Committee)
2- Mr. Ahmed Saud Shahini (Chairman of the Audit Committee)
3- Mr. Amr Abdulaziz Aljallal (Chairman of the Remuneration and Nominations Committee)
No one was absent. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- Approved on the Board of Directors’ recommendation to increase the Company’s capital by way of a rights issue for a total amount of (2,000,000,000 Saudi riyals(, with details as follows:
- The total amount of the increase is 2,000,000,000 Saudi riyals.
- The Company's capital before the increase: 1,016,400,000 Saudi riyals.
- The Company's capital after the increase: 3,016,400,000 Saudi riyals.
- The number of shares before the increase: 101,640,000 shares.
- The number of shares after the increase: 301,640,000 shares.
- The percentage of change in the capital after the increase is: 196.77%.
- The increase rate for each share is 1.9677 shares for each share.
- Method of increasing capital: through a rights issue by offering 200,000,000 new ordinary shares.
- The number of shares offered is 200,000,000 ordinary shares. - The offer price of the offered shares is 10 Saudi riyals per share.
- The nominal value of the offered shares is 10 Saudi riyals per share.
- Reasons for increasing the capital: To enable the Company to implement its strategic and operational objectives and support its future businesses.
- Eligibility date: The eligibility will be for the shareholders who own shares at the end of trading on the day of the Extraordinary General Assembly Meeting on the Capital Increase and who are registered in the Company’s shareholder register with the Securities Depository Center (Edaa) at the end of the second day follows the date of the Extraordinary General Assembly Meeting.
- Approved to amend Article No. (7) of the company’s bylaws, related to (capital). - Approved to amend Article No. (8) of the company’s bylaws, related to (subscription to shares).
2- Approved to amend the Bylaws of the Company to comply with the new Companies Law and to rearrange the Articles of Association and their numbering to comply with the proposed amendments.
3- Approved to amend the Audit Committee Charter.
4- Approved to amend the Remuneration and Nomination Committee Charter.
5- Approved to amend the Board Members’ Nomination and Selection Policy.
6- Approved to amend the BOD and its Committees’ Rewards Policy.
7- Approved to amend the Business Competition Standards Policy.
8- Approved to adopt the Social Responsibility Policy. |
| Additional Information | The company would like to highlight to its shareholders and the public that the rights issue prospectus is accessible and published on the website of the Capital Market Authority, In case of any inquiries, please contact with the department of Investor Relations on:
Telephone No: 0112027830
Email: IR@nadec.com.sa |
Comments