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Saudi Enaya Cooperative Insurance Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Decrease ( Second Meeting )

ENAYA 8311 -0.37% 10.90 -0.04
Element List Explanation
Introduction Saudi Enaya Board of Directors is pleased to announce the results of the Extraordinary General Assembly meeting (the second meeting) which included an approval of the company's capital reduction
City and Location of the Extraordinary General Assembly's Meeting The Assembly was held by using the modern technology
Date of the Extraordinary General Assembly's Meeting 2020-04-22 Corresponding to 1441-08-29
Time of the Extraordinary General Assembly's Meeting 21:00
Percentage of Attending Shareholders %46.85
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees Attendance:

1-Mr. Faisal Tamer (Chairman of Board if Directors)

2-Mr. Al Dana Al Jufali (Vice Chairman of Board of Directors)

3-Dr. Mazen Fakeeh (Member of Board of Directors)

4-Mr. Khalid Gama (Member of Board of Directors)

5-Mr. Khaled Imass (Member of Board of Directors)

Absent:

1-Mr. Cornelius Alexander Ankel (Member of Board of Directors)

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf 1-Mr. Faisal Tamer (Chairman of Investment Committee &Nomination & Member of Rumination Committee )

2-Dr. Mazen Fakeeh ( Chairman of Nomination & Rumination Committee & Member of Risk Committee)

3-Ms. Al Dana Al Jufali (Member of Executive Committee)

4-Mr. Khalid Gama (Chairman Of Audit Committee & Member of Nomination & Rumination Committee)

Voting Results on the Items of the General Assembly's Meeting Agenda's 1- Approval on the company's Board of Directors recommendation to reduce the company's capital to become as follows:

A- The company's capital before the reduction is 300,000,000 SAR, the capital after the reduction is 150,000,000 SAR, with a reduction of 50% of the company's capital

B- The number of shares before the reduction 30,000,000, the number of shares after the reduction 15,000,000 shares.

C-The reason for reducing the capital: write down accumulated losses with 150,000,000 SAR.

D-The capital reduction method: canceling 15,000,000 shares of the company, (1) shares will be reduced for every (2) shares.

E-The effect of capital reduction on the company's obligations: There is no major impact from reduction the company's capital on its financial obligations

F-Reduction date: the reduction decision will be enforced on all the company’s shareholders registered in the company’s records with the Securities Depository Center Company (Edaa) at the end of the second trading day following the Extraordinary General Assembly that decides to reduce the capital.

G- Approval on amendment to Article (8) of the company’s bylaw, which related to the capital.

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