Aljazira Takaful Taawuni Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( Second Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Aljazira Takaful Taawuni Company Announces the results of the Extra ordinary General Assembly meeting including Capital Increase (Second Meeting), which was held at 07:30 pm on Monday 10-03-1445 corresponding to 25-09-2023, via Modern technology means, after reaching the qualifying quorum for convening the meeting according to the company’s bylaw. |
| City and Location of the Extraordinary General Assembly's Meeting | Jeddah at Al-Hamra District - Al Madinah Descending Road (Down Town Road) - Al-Mosadiya Market Center - via modern technology. |
| Date of the Extraordinary General Assembly's Meeting | 2023-09-25 Corresponding to 1445-03-10 |
| Time of the Extraordinary General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 47.72% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board Directors have attended the Extraordinary General meeting:
• Eng. Abdulmajeed Ibrahim Al-Sultan (Chairman of the Board). • Mr. Naif Abdulkareem Alabdulkareem (Vice Chairman) • Mr. Sager Abdulatif Nadershah (Managing Director) • Mr. Naif Mesned Al Mesned. • Mr. Khaled Othman Al Othman. • Mr. Ibrhim Mohammed Al Hurabi. • Mr. Ashraf Adnan Bseisu. • Mr. Yahya Saleh Al-Mansour. • Dr. Abdulkareem Hamad Al Nujidi. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | The below listed Board’s Committees Chairmen have attended the Extraordinary General meeting:
• Eng. Abdulmajeed Ibrahim Al-Sultan - Chairman of Executive committee. • Mr. Naif Mesned Al Mesned - Chairman of Investment committee. • Mr. Ibrahim Mohammed Al Hurabi - Chairman of Audit Committee, & Chairman of Board Risk Management Committee. • Dr. Abdulkareem Hamad Al Nujidi - Chairman of Nomination & Remuneration Committee. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approval on the recommendation of the Board of Directors to increase company's capital by granting bonus shares to shareholders with a value of SAR 110,000,000, as follows:
• Nominal value of the capital before the increase: (550,000,000) Saudi Riyals. • Nominal value of the capital after the increase: (660,000,000) Saudi Riyals. • Total capital increase amount: SAR (110,000,000). • Number of shares before the increase: (55,000,000) shares. • Number of shares after increase: (66,000,000) shares. • Capital increase rate: 20%. • Reasons for increasing capital: the strengthening its financial efficiency and competitiveness in the sector. • Number of shares granted for each share: Granting (1) shares for every (5) shares owned. • The capital increase will be by capitalizing an amount of 110,000,000 riyals from the share premium account. • Eligibility Date: If capital increase is approved by the Company’s shareholders during the Extraordinary General Assembly meeting, the eligibility of bonus shares shall be for shareholders owning the shares by the end of trading day of the General Assembly meeting and are registered in the Company’s Shareholders Registry at the Securities Depository Center (Edaa) by the end of the second trading day following the Extraordinary General Assembly meeting date. • Details of how to deal with fractional shares: In the event of fractional shares, the fractional shares will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder. • Amending Article (8.) of the Company’s bylaws relating to capital. |
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