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Edarat Communication and Information Technology Co.(EDARAT) Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Edarat's board of directors are pleased to announce the results of the extraordinary general assembly meeting which included approving the increase of the company’s capital. (first meeting), that took place on 07-10-1445 AH corresponding to 16-04-2024G at 8:00 PM by means of modern technology, after securing the required quorum |
| City and Location of the Extraordinary General Assembly's Meeting | Company headquarters in Riyadh City through modern technology means via the Tadawulaty Platform. |
| Date of the Extraordinary General Assembly's Meeting | 2024-04-16 Corresponding to 1445-10-07 |
| Time of the General Assembly’s Meeting | 20:00 |
| Percentage of Attending Shareholders | %61,54 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following board members have attended the meeting: 1/D.Abdullah Alghamdi (chairman). 2/Eng.Adel Rizk (vice -chairman). 3/Mr.Erick Albaduy.(Board memeber+CEO). 4/Mr.Mohammed Alsabek (board member). 5/Mr.Fahad Almoammmar (board member). |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | The chairman of audit committee: Mr.Mohammed Alsabek. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1-Approving the Board of Directors recommendation dated 29/05/1445H - 13/12/2023 for increasing the company's capital from (12,600,000) SAR to (25,200,000) SAR. -This increase will be through capitalizing an amount of (12,600,000) Saudi Riyals from the retained earnings, by granting one share for each share. -Capital before increase is (12,600,000) Saudi Riyals, Capital after increase will be (25,200,000) Saudi Riyals, -The percentage increase is (100%). -The number of shares before the increase is (1,260,000) shares, the number of shares after the increase will be (2,520,000) shares. The eligibility date for the bonus shares for shareholders registered in the register of the issuer’s shareholders at the Depository Center will be at the end of the second trading day following the entitlement date. -The reason of increase: the company aims from the capital increase to support and strengthen the capital base and future activities of the company, which will contribute to achieving good growth rates in the coming years, God willing. -In the event that there are granted fractional shares as a result of the capital increase, the fractions will be grouped in one portfolio for all the company’s shareholders entitled to the fractional shares and sold at the market price, the resulting cash proceeds will be distributed to the shareholders entitled to the fractional shares, 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 (7) of the company’s bylaw relating to the company's capital. (Attached) -Amending Article (8) of the company’s bylaw regarding subscribing to shares. (Attached). 2-The financial statements for the fiscal year ending on 12/31/2023 was reviewed and discussed. 3- The annual report for the fiscal year ending on 31/12/2023 was discussed and reviewed. 4-Approving the company's auditor's report for the fiscal year ending on 12/31/2023 AD after discussing it. 5- Approving the disbursement of (375.000) SAR as a reward for the members of the Board of Directors for the fiscal year ending on 12/31/2023. 6-Approving the business transactions and contracts concluded between the company and Al Moammar Information Systems Company (MIS) in which a member of the Board of Directors (Dr. Abdullah bin Ghazi Al-Ghamdi) has a indirect interest, being (provided services) for a total amount of (30,099,004) SAR.(Attached) 7- Approving the business transactions and contracts concluded between the company and (Edarat Lebanon) in which a member of the Board of Directors, (Dr. Abdullah bin Ghazi Al-Ghamdi) has an indirect interest, and (Mr. Adel Fouad Rizk) has a direct interest in it, and (Mr. Eric Ernest Al-Badawi) has a direct interest in it, being (services acquired) for a total amount of (252,000) SAR.(Attached) 8-Approving on delegating the Board of Directors with the powers of the Ordinary General Assembly with the authorization contained in Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of approval of the General Assembly or until the end of the session of the delegated Board of Directors, whichever is earlier, in accordance with the conditions contained in the regulations of the companies law for listed joint stock companies. 9-Approving to give full discharge to the members of the Board of Directors for the fiscal year ending on 12/31/2023. |
| Additional Information | For any inquiries, please contact Investor Relations Representative Mr. Mohammed Alnoaimi at: Telephone Number: +966 581822902 E-mail: IR@edaratgroup.com |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Company Performance
Key Parameters
Last Price 300.0
Net Change -0.2 (-0.07%)
Value Traded (Sar) 1,974,134.8
Volume Traded 6,580
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