Saudi Automotive Services Co. (SASCO) said the ordinary general meeting, scheduled to be held on Thursday, January 8, was not convened due lack of quorum, according to Tadawul website.
The second meeting will be announced later after taking the required approvals from competent authorities.
Shareholders will discuss SASCO’s acquisition of all the partner’s shares (Madaen Star Co.) in Zaiti Co. (LTD) which reached 3,562,500 shares equivalent SAR 55,100,000 and 95% of shares, as well as The Automotive & equipment Investments Co. (subsidiary) acquisition of 187,500 shares equivalent SAR 2,900,000 and 5% of shares which belong to the partner Mr. Majid Mohammed AlOthman in Zaiti Co. (LTD).
They will also approve the board's decision on the cash dividends paid to shareholders for the second half of 2014 at SAR 0.75 per share, totaling SAR 33,750,000, or 7.5% of the company’s capital.
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