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Almasane Alkobra Mining Company (AMAK) Announces the Results of the Extraordinary General Assembly’s Meeting Approving Increase (First Meeting).

1322
AMAK
-1.89 %
1445/01/15     02/08/2023 08:28:38

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Introduction Almasane Alkobra Mining Company (AMAK) Announces the Results of the Extraordinary General Assembly Meeting (First meeting) held at 06:30 pm on Tuesday 14/01/1445 AH corresponding to 01/08/2023 AD at the headquarters of the company in Najran City and through modern technology (using Tadawulaty system).
City and Location of the Extraordinary General Assembly's Meeting From AMAK’s Headquarters at Najran city by using modern technology means.
Date of the Extraordinary General Assembly's Meeting 2023-08-01 Corresponding to 1445-01-14
Time of the Extraordinary General Assembly's Meeting 18:30
Percentage of Attending Shareholders 56.42%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees 1-Eng. Mohmmed Manea Aballala, Chairman

2-Mr. Ibrahim Ali Hussain Bin Musallam, Vice Chairman

3-Eng. Ayman AlShibl, Board Member & Secretary of the Board

4-Eng. Majed Ali Hussain bin Musallam, Board Member

5-Dr. Abduellah Othman AlSaleh, Board Member

6-Eng. Savas Sahin, Board Member

7-Eng. Mohmmed Ahmed AlShehhi, Board Member

8-Mr. Fekery Youssef Mohmmed, Board Member

9-Mr. Abdulsalam Abdullah Aldraibi, Board Member

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf 1-Mr. Waleed Bamaroof – Chairman of the Audit Committee.

2-Dr. Abduellah Othman AlSaleh - Chairman of the NRC Committee and Board Member.

3-Eng. Mohmmed Manea Aballala - Chairman of the Commercial Committee and Chairman of the Board.

4-Eng. Savas Sahin - Chairman of the Executive Committee and Board Member.

Voting Results on the Items of the General Assembly's Meeting Agenda's 1-Approve on the Board of Directors’ recommendation on increasing the capital of the Company by granting free shares to the shareholders of the Company in accordance with the following:

• Total amount of increase: (240,000,000) Two hundred and forty million Saudi Riyals.

• Capital before increase: (660,000,000) Six hundred and sixty million Saudi Riyals.

• Capital after increase: (900,000,000) Nine hundred million Saudi Riyals.

• Increase rate: 36.36%

• Number of shares awarded: one share (1) for each (2.75) shares.

• Number of shares before the increase: Sixty-six million (66,000,000) ordinary shares with a fully paid nominal value of SAR (10) Ten per share.

• Number of shares after the increase: Ninety million (90,000,000) ordinary shares with a fully paid nominal value of SAR (10) Ten per share.

• Amending article (7) of the Company's Bylaw, regarding the Company's capital and shares to reflect the capital increase.

• Amending article (8) of the Company's Bylaw, regarding the Company's capital and shares to reflect the capital increase.

The company's capital will be increased by capitalizing a total amount of SAR (240,000,000) Two hundred and forty million from the share premium. The company aims to increase the capital to support the company's financial position in order to achieve its strategy to expand and grow by exploiting opportunities to invest in the mining sector.

If the clause is approved, the date of eligibility of the grant shares to the shareholders of the company will be the day of the extraordinary General Assembly, which is entered in the company's shareholders' registry with the Securities Depositary Centre Company ("Edaa") at the end of the second trading day following the date of the extraordinary General Assembly.

In the case of share fractures, they will be grouped into a single portfolio of all shareholders, sold at market rate, and then distributed to the shareholders entitled to the grant according to their respective share, within a period not exceeding 30 days from the date of determination of the shares due to each shareholder.

2-Approving on amending article (3) of the Company's Bylaws relating to the purposes of the Company.

3-Approving on amending the company’s bylaws to align it with the new companies’ Law. and rearranging and numbering the articles to align it with the proposed amendments.

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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Key Parameters
Last Price 62.2
Net Change -1.2 (-1.89%)
Value Traded (Sar) 38,258,428.2
Volume Traded 610,402
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