Saudi Enaya Cooperative Insurance Co. Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Decrease ( First Meeting )
|Introduction||The Board of Directors of Saudi Enaya Cooperative Insurance Company hereby cordially invites the shareholders to attend, participate and vote in the first Extraordinary General Assembly meeting, which will be held in presence and virtually through the modern technology means using Tadawulaty System on Tuesday 18/10/2022 G corresponding to 22/03/1444H|
|City and Location of the Extraordinary General Assembly's Meeting||Jeddah - Head Office Al-Khaldiah District,|
|URL for the Meeting Location||https://www.tadawulaty.com.sa |
|Date of the Extraordinary General Assembly's Meeting||2022-10-18 Corresponding to 1444-03-22|
|Time of the Extraordinary General Assembly's Meeting||19:00|
|Attendance Eligibility||ShareHolders Registered at the Depositary Center Registry at the End of the Trading Session Proceeding the General Assembly Meeting and as per the Laws and Regulations|
|Quorum for Convening the General Assembly's Meeting||The Extraordinary General Assembly meeting shall be valid if attended by shareholders representing at least half of the capital. If the necessary quorum is not available to hold this meeting, the second meeting will be held an hour after the end of the period specified for convening the first meeting, and the second meeting will be valid if attended by shareholders representing at least a quarter of the capital.|
|Meeting Agenda||1- To vote on the Board’ recommendation regarding decrease of the Company’s capital, as the following: |
Capital before decrease: SAR 150,000,000.
- Capital after decrease: SAR 100,000,000.
- Percentage of Capital decrease: 33.33%
- Number of shares before decrease: 15,000,000 shares.
- Number of shares after decrease: 10,000,000 shares
- Method of Capital decrease: Cancellation of 5,000,000 shares, as (1) share will be canceled for every (3) shares
- The reason for the decrease: Restructuring the company's capital to amortize a part of accumulated losses amounting to 50,000,000 Saudi riyals.
- There is no material impact of the Capital Decrease on the Company's Financial Obligations
- Date of reduction: If the item is approved, the reduction decision will be effective on the shareholders of the company who own the shares on the day of the extraordinary general assembly held and registered in the company's shareholders' register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly at which the capital reduction was decided.
-To amend Article No. (8) of the Company’s Bylaw on Company’s capital (Attached)
|E-Vote||The shareholders registered in Tadawulaty services may vote on the items of the General Assembly agenda online starting from 01:00 AM on Saturday 15/10/2022 corresponding to 19/03/1444 and shall continue until the end of General Assembly meeting. |
Please note that registration in Tadawulaty service and voting is provided free of charge for all shareholders through the following link:
|Eligibility for Attendance Registration and Voting||Eligibility for Attendance Registration and Voting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes|
|Method of Communication||Shareholders are welcomed to submit their questions during daily working hours from 8:00 am to 5:00 pm by communicating with the Investor Relations |
through one of the following means:
|Additional Information||The shareholder has the right to delegate another person to attend on his behalf by virtue of a written proxy, provided that the proxy is not a member of the board of directors or an employee of the company, and that it be certified by: Chambers of Commerce when the shareholder is affiliated with one of them or if the shareholder is a company, legal institution, or a bank Licensed or financial market institutions in the Kingdom, provided that the client has an account with the bank or the financial market institution that performs the attestation, or the notary public or the financial market institutions for documentation work. The shareholder or his representative must provide the company with a copy of the power of attorney at least two days before the date of the assembly, and send it to (Jeddah- Enaya head office Mr. Mazen Jamil Shahawi) and the proxy must show the original power of attorney before the assembly, and all shareholders / proxy must bring identification.|
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.