Naseej International Trading Co. Announces the Results of the Extraordinary General Assembly Meeting Which included Approving company's Capital Decrease (Second meeting)
| Element List | Explanation |
|---|---|
| Introduction | Naseej International Trading Company announces the results of the Extraordinary General Assembly meeting which included the approval to reduce the company's capital (the second meeting) due to not achieving the legal quorum in the first meeting, where the second meeting was held an hour after the first meeting, in attendance and through modern technology. |
| City and Location of the Extraordinary General Assembly's Meeting | Head Office - Jeddah Industrial City – Phase 4 - Factory (1) |
| Date of the Extraordinary General Assembly's Meeting | 2020-12-20 Corresponding to 1442-05-05 |
| Time of the Extraordinary General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 44.34% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The meeting was attended by the following board members:
1- Mr. Saleh Nasser AL Sorayai (Chairman) 2- Eng. Mansour Saleh Al Kharboush (Deputy Chairman) 3-Dr. Waiel Saad Al Rashid 4-Eng. Essam Abdullatif Al Mojalid 5-Mr. Hamdan Ali Hamdan Matar 6-Mr. Abdulkarim Ibrahim Al Nafie The board members who apologized for attending: 1- Mr. Abdullah Hamdan Alsorayai |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | 1- Mr. Hamdan Ali Hamdan Matar (Chairman of the Audit Committee (
2-Mr. Abdulkarim Ibrahim Al Nafie) Chairman of the Nominations and Remuneration Committee and Executive Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- Approval of the Board of Directors’ recommendation to reduce the company's capital to become as follows:
A - The company's capital before reduction is SR. 178,160,000. B - Capital after the reduction is SR. 61,632,010. C - The reduction percentage will represent 65.4% of the company's capital. D - The number of shares before the reduction is 17,816,000 shares. E - The number of shares after the reduction is 6,163,201 shares. F - Reason for capital reduction: write off accumulated losses in the amount of SR. 116,527,990. G - Capital reduction method: To cancel 11,652,799 shares of the company’s shares, (1) share will be reduced for every (1.529) shares. H - The effect of reducing the capital on the company's liabilities: There is no significant effect of reducing the company's capital on its financial obligations I - The date of reduction: The reduction decision shall be applicable on all shareholders registered in the Company’s record at the Securities Depositary Center Company (Edaa) at the end of the second trading day after the Extra Ordinary General Assembly Meeting during which the capital’s reduction was resolved. J - Amending Article (7) of the company’s Articles of Association relating to the capital. 1- K - Amending Article (8) of the Company's Articles of Association relating to subscription to shares. 2- Approval on the Board of Directors decision to appoint Engineer / Abdul Karim Ibrahim Abdul Karim AlNafie as an (independent) member of the Board of Directors, starting from the date of his appointment on August 26, 2020 to complete the Board’s session until the end of the current session on July 15, 2021, succeeding the previous member Mr. Nader Rashid Muhammad Al-Nasser (Independent) Member. |
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