Red Sea International 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 Red Sea International Company is pleased to invite the shareholders to vote in the Extraordinary General Assembly Meeting for Capital Decrease (The first), which is scheduled to take place at 07:30 PM on Sunday 25-12-1443 corresponding to 24-07-2022, through the use of modern communication technologies. |
| City and Location of the Extraordinary General Assembly's Meeting | By means of modern technologies from the company's headquarters in Riyadh city. |
| URL for the Meeting Location | https://www.tadawulaty.com.sa |
| Date of the Extraordinary General Assembly's Meeting | 2022-07-24 Corresponding to 1443-12-25 |
| Time of the Extraordinary General Assembly's Meeting | 19:30 |
| 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 is 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 company capital. |
| Meeting Agenda | 1- Vote on the Board of Directors’ recommendation to reduce the company’s capital to become as follows:
- Capital before reduction: 600,000,000 riyals - Capital after reduction: 302,344,000 riyals - Reduction rate: 49.61% - Number of shares before reduction: 60,000,000 shares - Number of shares after reduction: 30,234,400 shares - Reason for capital reduction: to extinguish accumulated losses, restructure the company's capital, and in support of its future plans. - Method of capital reduction: by canceling 29,765,600 shares, at the rate of 1 share for every 2,016 shares, at a value of 297,656,000 riyals. - The effect of capital reduction on the company’s financial, operational, or organizational commitments, operations, or performance: none - Date of reduction: If the item is approved, the reduction decision will be effective on the company’s shareholders 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 (Depository Center) at the end of the second trading day following the date of the general assembly The extraordinary in which it was decided to reduce the capital.
- Amendment of Article (7) of the company's articles of association relating to capital (attached).
- Amendment of Article (8) of the company's articles of association related to subscription for shares (attached) |
| Proxy Form |  |
| E-Vote | Registered shareholders on Tadawulaty may electronically vote on the agenda items starting from 10:00 am, Wednesday, 20-07-2022, and until the General Assembly Meeting adjourns. Registration and voting shall be available free of charge for all shareholders through Tadawulaty services by using the following link: https://www.tadawulaty.com.sa |
| Eligibility for Attendance Registration and Voting | Eligibility for registration to attend the General Assembly Meeting ends upon the convening of the General Assembly Meeting. Eligibility for the voting on the agenda items ends once the Screening Committee finalizes the counting the votes. |
| Method of Communication | In case of any inquiries, you can communicate with Shareholder Relations through:
Phone: 0133613451 Fax: 0133614490 Email: [email protected] |
| Attached Documents | |
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