Saudi Arabian Amiantit Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )

2.76 %
1445/08/11     21/02/2024 08:34:38

Element ListExplanation
Introduction Saudi Arabian Amiantit Co. announces the results of the Extraordinary General Assembly Meeting, which included the approval of increase the company's capital (First Meeting), which was held at 06:30 pm on Tuesday 10-08-1445H corresponding to 20-02-2024G in person and through modern technology.
City and Location of the Extraordinary General Assembly's Meeting The company's main headquarters - Dammam – eastern province - and through modern technology.

Date of the Extraordinary General Assembly's Meeting 2024-02-20 Corresponding to 1445-08-10
Time of the General Assembly’s Meeting 18:30
Percentage of Attending Shareholders 58.83%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The meeting was attended by the following members of the Board of Directors:

1 Dr. Solaiman Abdulaziz Saleh Al-Tuwaijri – Member

2 Dr. Mohammad Saud Abdulaziz Albadr – Member

3 Mr. Khalid bin Mohammed Saad Al Baward – Member

There were two board members that were absent:

1- His Highness Prince Ahmad bin Khalid bin Abdullah bin Abdulrahman Al Saud – Chairman of the Board of Directors.

2- His Royal Highness Prince Abdulaziz bin Mohammed bin Fahd bin Abdulaziz Al Saud - Vice Chairman of the Board of Directors.

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf - Dr. Mohammed Saud Abdulaziz Al-Badr - Chairman of the Nomination and Remuneration Committee.
Voting Results on the Items of the General Assembly's Meeting Agenda's 1- Approval of the Board of Directors' recommendation to increase the capital by way of a rights issue in accordance with the following:

- The company's capital before the increase is (99,000,000) Saudi Riyals divided into (9,900,000) ordinary shares.

- The company's capital after the increase is (445,500,000) Saudi Riyals divided into (44,550,000) ordinary shares.

- Capital Increase Ratio: 350%.

- Reason for capital increase: Financing working capital and Settlement of some banking obligations.

- Capital Increase Method: Offering and listing of rights issue shares for (34,650,000) ordinary shares.

- Percentage of increase: (3.5) shares for each (1) share.

- The offering value for each share and the nominal value: 10 riyals.

- Number of offered shares (34,650,000) ordinary shares.

- The total amount of the offering is (346,500,000) Saudi riyals.

- Eligibility Date: the eligibility will be for the shareholders who own the shares on the day of the Extraordinary General Assembly and who are registered in the Company's shareholders register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly.

- Amendment of Article (7) of the company's bylaws relating to (The Capital).

- Amendment of Article (8) of the company's bylaws relating to (Subscribing to Shares).

Additional Information The Board of Directors of Saudi Arabian Amiantit Co. would like to thank all the respected shareholders for their participation and attendance on the Extraordinary General Assembly meeting (first meeting).

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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