Methanol Chemicals Company invites its Shareholders to attend the Extraordinary General Assembly Meeting (through the Modern Technology Means), which includes Decreasing and Increasing the Company’s Capital ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Methanol Chemicals Company is pleased to invite the shareholders to participate and vote in the Extraordinary General Assembly Meeting (First Meeting, and a second meeting will be held after one hour) on Monday 18/11/1442 H. Corresponding to 28/06/2021 at 6:30 pm. The meeting will be held by means of modern technology using Tadawulaty System to ensure the safety of shareholders and within the efforts of supporting the preventive and precautionary measures of the relevant health authorities to address the new Corona Virus (COVID-19) and as an extension of the continuous efforts exerted by all governmental authorities in the Kingdom of Saudi Arabia in taking the necessary measures to prevent its spread. |
| City and Location of the Extraordinary General Assembly's Meeting | Company Head Office – Jubail Industrial City |
| URL for the Meeting Location | https://www.tadawulaty.com.sa/ |
| Date of the Extraordinary General Assembly's Meeting | 2021-06-28 Corresponding to 1442-11-18 |
| Time of the Extraordinary General Assembly's Meeting | 18:30 |
| Attendance Eligibility | Shareholder registered in the Company’s Shareholders Register maintained at the Securities Depository Center Company (“Edaa”) at the end of the trading session preceding the General Assembly Meeting and as per the Rules and Regulations. |
| Quorum for Convening the General Assembly's Meeting | As per Article (34) of the Company’s Articles of Association, “the meeting of the Extraordinary General Assembly shall be valid only if attended by Shareholders representing at least half of the share capital. If the required quorum is not satisfied for this meeting, a second meeting shall be held one hour after the expiration of the designated period for convening the first meeting. The second meeting shall be valid if attended by Shareholders representing at least one quarter of the share capital. |
| Meeting Agenda | 1. Voting on the recommendation of the Company’s Board of Directors to decrease the Company’s capital according to the following:
- Capital before decrease: One billion, two hundred six million (1,206,000,000) Saudi Riyals. - Capital after decrease: Six hundred seventy-four million, five hundred eight thousand, six hundred thirty (674,508,630) Saudi Riyals. - Number of shares before decrease: One hundred twenty million, six hundred thousand (120,600,000) shares. - Number of shares after decrease: Sixty-seven million, four hundred fifty thousand, eight hundred sixty-three (67,450,863) shares. - Percentage of decrease: 44.07% of the Company's capital. - Reason for the capital decrease: To write off the accumulated losses amounting to five hundred thirty-one million, four hundred ninety-one thousand, three hundred seventy (531,491,370) Saudi Riyals. - Method of capital decrease: By canceling fifty-three million, one hundred forty-nine thousand, one hundred thirty-seven (53,149,137) shares; one (1) share will be reduced for every (2.269) shares. - Date of reduction: The end of the second trading day after the Extraordinary General Assembly Meeting in which decrease was resolved. - Impact of the capital decrease on the Company's obligations: There is no impact of the capital decrease on the Company's financial obligations. - Amending Article Seven (7) of the Company’s Articles of Association relating to the Capital (attached). - Amending Article Eight (8) of the Company’s Articles of Association relating to Shares Subscriptions (attached). 2. Voting on the recommendation of the Company’s Board of Directors to increase the Company’s capital by offering rights issue shares according to the following: - Capital before the increase: Six hundred seventy-four million, five hundred eight thousand, six hundred thirty (674,508,630) Saudi Riyals. - Increasing Company’s capital by offering rights issue shares of four hundred eighty million (480,000,000) Saudi Riyals. - Capital after increase: One billion, one hundred fifty-four million, five hundred eight thousand, six hundred thirty (1,154,508,630) Saudi Riyals. - Number of shares before increase: Sixty-seven million, four hundred fifty thousand, eight hundred sixty-three (67,450,863) shares. - Number of shares after increase: One hundred fifteen million, four hundred fifty thousand, eight hundred sixty-three (115,450,863) shares. - Reason for the capital increase: To raise the Company’s financial solvency and reduce borrowing rates and the costs incurred from them. - Method of capital increase: By offering and listing rights issue shares of forty-eight million (48,000,000) ordinary shares. - Eligibility Date: In the event of the approval of the said Agenda Item, shareholders who own shares on the day of the Extraordinary General Assembly and who are registered in the Company's Shareholder Register at the Securities Depository Center Company (“Edaa”) by the end of the second trading day following the date of the Extraordinary General Assembly meeting. - Amending Article Seven (7) of the Company’s Articles of Association relating to the Capital (attached). - Amending Article Eight (8) of the Company’s Articles of Association relating to Shares Subscriptions (attached). • The voting on this Item is subject to the approval of the first Item of the Extraordinary General Assembly Meeting Agenda concerning the Company’s capital decrease, by the shareholders. |
| Proxy Form |  |
| E-Vote | The shareholders can remotely vote on the General Assembly Meeting’s agenda via E-voting service through Tadawulaty website:
www.tadawulaty.com.sa. The registration in Tadawulaty service and voting is provided free of charge for all shareholders. The remote voting will start on Thursday 14/11/1442 H Corresponding to 24/06/2021 at (10:00) am, and will end once the General Assembly Meeting ended. |
| Eligibility for Attendance Registration and Voting | The right for registering to attend the General Assembly Meeting ends at the time of the Meeting, and the attendee’s right to vote on the meeting items ends when the Counting Committee finishes counting the votes. |
| Method of Communication | Shareholders’ inquires and questions will be received starting from Tuesday 12/11/1442 H Corresponding to 22/06/2021 via email: osaeed@chemanol.com or phone N o. 0133438008.
Please note that to accept inquires, a shareholder is required to send a copy of his identity. |
| Additional Information | Only remote voting will be available. |
| Attached Documents | |
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