Gulf General Cooperative Insurance Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Decrease ( Third Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Gulf General Cooperative Insurance Company announces the results of the Extraordinary General Assembly meeting (Third meeting), which was held at 09:00 pm on Tuesday, 09 Ramadan 1445 AH, corresponding to 19 March 2024 AD, through means of modern technology after the completion of the quorum for the validity of the meeting according to the company’s bylaws. |
| City and Location of the Extraordinary General Assembly's Meeting | Company headquarters, Jeddah - through means of modern technology. |
| Date of the Extraordinary General Assembly's Meeting | 2024-03-19 Corresponding to 1445-09-09 |
| Time of the General Assembly’s Meeting | 21:00 |
| Percentage of Attending Shareholders | 26.26% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board of Directors attended the meeting:
Mr. Jamal Abdullah AlDabbagh (Chairman) Mr. Saud Abdulaziz AlSulaiman (Vice Chairman) Mr. Mohamed Husnee Jazeel Mr. Majed Diaauddin Kareem Mr. Taher Mohammed Omar Agueel Mr. Mohammadzaher Salahuddin Almunajjed Dr. Ahmed Siraj Khogeer Dr. Abdulwahab Mossab Abukwaik
The following Board of Directors apologized for not attending the meeting: Dr. Faisal Adnan Baassiri |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | Mr. Jamal Abdullah AlDabbagh - Chairman of the Executive Committee.
Mr. Saud Abdulaziz AlSulaiman - Chairman of the Investment Committee. Mr. Mohammadzaher Salahuddin Almunajjed – Chairman of the Risk Management Committee. Mr. Jamal Abdullah AlDabbagh - Member of the Nomination and Remuneration Committee. Dr. Ahmed Siraj Khogeer – Member of the Audit Committee. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approval on the Board’s recommendation regarding decrease of the Company’s capital, as the following:
• Company’s capital before the decrease: (500,000,000) Saudi Riyal. • Company’s capital after the decrease: (300,000,000) Saudi Riyal. • Number of Shares before the decrease: (50,000,000) shares. • Number of Shares after the decrease: (30,000,000) shares. • The percentage of the capital decrease: 40% of the Company’s capital. • Reasons for capital decrease: Restructuring the company's capital to write-off an amount of 200,000,000 riyals (two hundred million Saudi riyals) from the accumulated losses. • Method of capital decrease: Cancellation of (20,000,000) shares of the Company's shares at a discount of 0.4 shares for each share. • Date of decrease: If the item is approved, reduction resolution shall be effective on the eligible shareholders who are holding shares on day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders registry with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of convening the Extraordinary General Assembly meeting, in which the capital reduction was decided. • Impact of Capital decrease on Company’s obligations: There is no material impact from the capital reduction on the company’s financial, operational, or regulatory obligations, operations, or performance, and the ownership percentage of any shareholder will not change as a result of the capital reduction. • Amending Article (8) of the Company’s Bylaw on Company’s capital. |
| Additional Information | No additional information |
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