Money and business

“Riyadh Reconstruction” generally agrees to increase capital to 2.33 billion riyals

Riyadh Reconstruction Company announced the results of the extraordinary general assembly meeting, held yesterday, which included approval to increase the company’s capital (first meeting).
The company said in a statement on Saudi Arabia’s circulation: The results of the voting on the association’s agenda included:
1) Approving the amendment of the company’s basic system to be compatible with the provisions of the new companies system issued by the Royal Decree (Article/132) and the date of 1/12/1443 AH, and the rearrangement of the system materials and their numbering to comply with the proposed amendments.
2) Approving the amendment of Article No. (3) of the company’s basic system related to the company’s purposes.
3) Approving the amendment of Article No. (6) of the company’s basic system related to the company’s duration.
4) Approval of amending Article No. (11) of the company’s basic system related to stock trading.
5) Approval of amending Article No. (17) of the company’s basic system related to the Board of Directors.
6) Approval of the amendment of Article No. (20) of the company’s basic system related to the powers of the Board of Directors.
7) Approval of the amendment of Article No. (44) of the company’s basic system related to the distribution of profits.
8) Approval to delete Article No. (46) of the company’s basic system related to excellent shares.
9) Approval of the company’s capital increase from (1,777,777,770) riyals to (2,339,308,180) riyals, which represents an increase of 31,58% of the company’s current capital, and the increase in the number of shares of the company from (177,777,777) ordinary shares to (233,930,818) ordinary shares for the purpose of acquisition On two real estate origins from Rimat Riyadh Development Company represented in (1) a plot of land with a total area of ​​(787,477.19) square meters located in the north of the Dammam Road, Al -Remal District, Riyadh, Saudi Arabia. And (2) plots of land with a total area (214,000) square meters located in the south of the North Ring Road, Al -Murouj neighborhood, Riyadh, Saudi Arabia, “Real Estate Assets”, and allocate (56,153,041) ordinary shares for Rimat Riyadh Development Company, after obtaining regular approvals .
Provided that this increase applies from the date of the approval of the extraordinary general assembly, including approval, the following matters related to the deal:
A. Conditions of the acquisition and contribution agreement concluded between the company and the Riyadh Remat Development Company on 02/28/1446 AH (corresponding to 09/01/2024 AD).
for. Amending Article (7) of the company’s corporate basic system.
C. Delegate the company’s board of directors, or any person authorized by the company’s board of directors, to issue any decision or take any action that may be necessary to implement the decisions mentioned above.
10-Approval of the business and contracts that took place between the company and the Rimat Riyadh Development Company for the Chairman of the Board of Directors, His Highness Prince Dr. Faisal bin Abdulaziz bin Ayyaf, an indirect interest in which he is the Chairman of the Board of Directors of Rimat Riyadh Development Company represented in the acquisition and contribution agreement concluded between the company and the company of Rimat Riyadh Development on 02/28/1446 AH (corresponding to 09/01/2024 AD).

Related Articles

Back to top button

Discover more from Khaleejion 24

Subscribe now to keep reading and get access to the full archive.

Continue reading