Gulf Insurance Group Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Increase ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of GIG is pleased to invite the Company’s shareholders to attend the Extra Ordinary General Meeting (First Meeting) which includes the increase of the company’s capital via modern technology means provided by Tadawulaty platform on Wednesday 18:30, in 16/11/2023 corresponding to 02/05/1445H. |
| City and Location of the Extraordinary General Assembly's Meeting | The company Head quarter in Riyadh , King Abdullah Road through modern technology means |
| URL for the Meeting Location | www.tadawulaty.com.sa |
| Date of the Extraordinary General Assembly's Meeting | 2023-11-16 Corresponding to 1445-05-02 |
| Time of the Extraordinary General Assembly's Meeting | 18:30 |
| Attendance Eligibility | Shareholders who are registered in the issuers shareholders record at the Depositary Center by the end of the trade session prior to the general assembly meeting and in accordance with the laws and regulations. The shareholder has the right to delegate whomever other than the board of directors. |
| Quorum for Convening the General Assembly's Meeting | The Extra Ordinary General Assembly meeting (the first meeting) is valid if attended by shareholders representing at least 50% of the capital. If the quorum required for holding this meeting is not available, the second meeting will be held one hour after the end of the period specified for the first meeting, and the second meeting will be valid if attended by shareholders representing 25% of the capital |
| Meeting Agenda | 1. Voting on the recommendation of the Board of Directors to increase company's capital by granting bonus shares to shareholders with a value of SAR 25,000,000, as follows:
Nominal value of the capital before the increase: (500,000,000) Saudi Riyals. Nominal value of the capital after the increase: (525,000,000) Saudi Riyals. Total capital increase amount: SAR (25,000,000). Number of shares before the increase: (50,000,000) shares. Number of shares after increase: (52,500,000) shares. Capital increase rate: 5%. Reasons for increasing capital: Strengthening the capital base of the company, which contributes to increasing the rates of growth and expansion of its business during the coming years. Number of shares granted for each share: Granting (1) shares for every (20) shares owned Nature and value of reserves to be used in the issuance of capitalization: The value of the capital increase will be financed by capitalizing part of the retained earnings balance in the amount of (25) million riyals. 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.
Voting on the amendment of Article (8) of the Company's Articles of Association related to (Capital). (Attached) |
| Proxy Form |  |
| The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right. (Mentioning the E-Voting details, if any) | Voting on the items of the General Assembly agenda online will be start from 01:00 am, Monday 29/04/1445H corresponding to 13/11/2023, until the end of the Extra-Ordinary General Assembly |
| 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 | If you have any questions, please contact the Shareholder Relations Department at 0112730501 or via email: [email protected] |
| Attached Documents | |
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