Saudi Arabian Amiantit Co. Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Decrease ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of The Saudi Arabian Amiantit Company is pleased to invite its shareholders to participate and vote in the Extraordinary general assembly meeting that includes reducing the company's capital (First Meeting) at 18:30 on Sunday 26-07-1443H corresponding to 27-02-2022G via modern technology means provided by Tadawulaty.
This is within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the Coronavirus (COVID-19) and as an extension of the continuous efforts made by all government entities in the Kingdom of Saudi Arabia to take the necessary measures to prevent the spread. |
| City and Location of the Extraordinary General Assembly's Meeting | The company's main headquarters - Dammam - through modern technology. |
| URL for the Meeting Location | http://www.tadawulaty.com.sa |
| Date of the Extraordinary General Assembly's Meeting | 2022-02-27 Corresponding to 1443-07-26 |
| Time of the Extraordinary General Assembly's Meeting | 18:30 |
| Attendance Eligibility | ShareHolders Registered at the Depositary Center Registry at the End of the Trading Session Proceeding the General Assembly Meeting and as per the Laws and Regulations |
| Quorum for Convening the General Assembly's Meeting | The Extraordinary General Assembly meeting shall be valid if attended by shareholders representing at least half of the capital. If the necessary quorum is not available to hold this meeting, the second meeting will be held an hour after the end of the period specified for convening the first meeting, and the second meeting will be valid if attended by shareholders representing at least a quarter of the capital. |
| Meeting Agenda | 1- Vote on the company’s board of directors’ recommendation to reduce the company’s capital to become as follows:
- Capital before reduction: three hundred twenty million Saudi riyals (320,000,000 Saudi riyals). - Capital after reduction: ninety-nine million Saudi riyals (99,000,000 Saudi riyals). - Percentage of Capital decrease 69.06%.
Number of shares before the dilution: Thirty-two million shares (32,000,000 shares).
- Number of shares after the reduction: nine million nine hundred thousand shares (9,900,000 shares).
- Reason for capital reduction: amortization of approximately 99.93% of the company's accumulated losses.
- Method of capital reduction: canceling twenty-two million one hundred thousand (22,100.000 shares) of the company’s shares, (1) one share will be reduced for every (1,447) approximately (with a nominal value of 10 Saudi riyals per share) of the current company’s shares.
- Date of reduction: If the item is approved, the reduction decision will be effective on the shareholders of the company who own shares on the day of the extraordinary general assembly who are registered in the company’s shareholders register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly that was decided in which the capital reduction.
- The effect of the capital reduction on the company's obligations: There is no significant impact of the capital reduction on the company's financial obligations.
- Amending Article Seven (7) of the company’s articles of association related to capital (attached).
- Amending Article Eight (8) of the company’s articles of association related to subscribing to shares (attached).
2- vote on the Board of Directors’ decision to appoint Dr. Sulaiman Abdulaziz Al-Tuwaijri as a non-executive member of the Board of Directors starting from the date of 19-10-2021G to complete the Board’s term until the end of the current term on 31-12-2023G, succeeding the previous member Dr. Khalil Abdel Fattah Kurdi (Non-Executive Member(. (CV attached).
3- Vote on the Board of Directors’ decision to appoint Mr. Waleed Muhammad Al-Othaimeen as a member from outside the Board as a member of the Audit Committee, starting from 01-11-2021G until the end of the current committee’s work period on 31-12-2023G, in place of the previous committee member, Dr. Khalil Abdul-Fattah Kurdi (Non-Executive Member). The appointment shall take effect from the date of the decision issued on 31-10-2021G, and this appointment comes in accordance with the work regulations of the Audit Committee. (CV attached). |
| Proxy Form |  |
| E-Vote | Shareholders registered in my trading services can vote electronically on the assembly’s items starting at 10:00 am on Thursday 23-07-1443H corresponding to 24-02-2022G until the end of the time of the assembly. The following link: www.tadawulaty.com.sa. |
| Eligibility for Attendance Registration and Voting | Eligibility for Attendance Registration and Voting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes |
| Method of Communication | The company is pleased to receive any inquiries from the shareholders related to the agenda and reply any question from the date of publishing this announcement. Moreover, the questions of the shareholders will be replied during the General Assembly meeting. Kindly contact us on the below: -
Investors Relationship Department.
Tel: 013-8471500 Extn. 1117
Email: [email protected] |
| Attached Documents | |
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