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Electrical Industries Co. Announces the Results of the Extraordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Electrical Industries Company is pleased to announce to its shareholders the results of the Extraordinary General Assembly meeting (First meeting) after completing the legal quorum. |
| City and Location of the General Assembly's Meeting | Through modern technology means from the Company’s Head Office in Dammam. |
| Date of the General Assembly's Meeting | 2023-09-28 Corresponding to 1445-03-13 |
| Time of the General Assembly's Meeting | 19:00 |
| Percentage of Attending Shareholders | 62.55 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board Members attended the meeting: 1- Mr. Yousef Ali ALQuraishi - Chairman of the Board 2- Eng. Mahmoud Mohamed ALToukhi - Vice Chairman 3- Mr. Faisal Saleh ALQuraishi 4- Mr. Fahad Saad ALTuwaijri 5- Mr. Bader Ibrahim ALSwailem 6- Mr. Sattam Abdulaziz ALZamil 7- Eng. Tariq Mohamad ALTahini - Managing Director Mr. Jameel Abdullah ALMolhem - Board member and Chairman of Remuneration & Nomination Committee apologized for not attending the meeting. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | The following Committees’ Chairmen attended the meeting: 1- Mr. Bader Ibrahim ALSwailem - Chairman of Audit Committee 2- Mr. Faisal Saleh ALQuraishi on behalf of the Chairman of Remuneration Nomination Committee |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- Approve the split of the company’s shares according to the following: - The nominal value of share before the amendment: (10) Saudi Riyals -The nominal value of share after the amendment: (50) Hallas - Number of shares before the amendment :(56,250,000) share - Number of shares after the amendment: (1,125,000,000) share. -There is no change in the Company’s capital before and after the stock split. -Effective date: the split resolution will be effective for all shareholders of the company who own the shares at the date of the Extraordinary General Assembly and are registered in the Company’s shareholders register with the Securities Depository Center (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly. The effect of the resolution will be applied to the share price, starting from the business day following the Extraordinary General meeting, provided that the resolution will be implemented in relation to the number of shares in the shareholders portfolios at the end of the second trading day following the date of the Extraordinary General Assembly in which it was decided to split the shares. - Amendment of Article (7) of the Company’s By-Laws relating to the Company’s capital. - Amendment of Article (8) of the Company’s By-Laws relating to subscription to shares. 2- Approve the amendment of the Audit Committee Charter. 3- Approve the amendment of the Remuneration and Nomination Charter. 4-Approve the amendment of the policies, standards, and procedures for membership in the board. 5- Approve the amendment of the Remuneration policy for the Board, its Committees and Executive Management. |
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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Last Price 7.21
Net Change -0.09 (-1.23%)
Value Traded (Sar) 17,163,964.51
Volume Traded 2,380,358
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