Gulf Insurance Group Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Board of Directors of Gulf Insurance Group (GIG Saudi) is pleased to announce the results of the Extraordinary General assembly Meeting (First Meeting) |
| City and Location of the Extraordinary General Assembly's Meeting | The headquarters of the company in Riyadh city, King Abdullah Road, through modern technology. |
| 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 |
| Percentage of Attending Shareholders | 56.31568% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | Attendees:
Mr. Yousef S Abalkhail – Chairman Mr. Paul Adamson – Board Member Mr. Jean Cloutier - Board Member Mr. Hani Ibrahim Obaid - Board Member
Absentees: Mr. Bijan Khosrowshahi - Vice Chairman Mr. Omar Abdulrahman Al Jeraisy - Board Member Mr. Farid Saber - Board Member Mr. Osama Kamela Kishk - Board Member |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | Mr. Paul Adamson – Executive 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 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. Approval on the amendment of Article (8) of the Company's Articles of Association related to Capital. |
Comments