The General Assembly of “Sadq” approves an increase in capital to 300 million riyals
The Board of Directors of the Saudi Industrial Development Company announced "sincerity" The results of the sixth extraordinary general assembly meeting (second meeting), which was held last Thursday, which included increasing the company’s capital.
According to the company’s statement on the website "Saudi Arabia trading"The results of the vote on the assembly’s agenda included: Approval of the Board of Directors’ recommendation to increase the company’s capital by offering priority rights shares according to the following:
– The company’s capital before the increase: 135 million riyals, divided into 13.5 ordinary shares.
– The company’s capital after the increase: 300 million riyals, divided into 30 million ordinary shares.
– The number of shares offered by priority rights: 16.5 million ordinary shares worth A nominal amount of 10 riyals, with an offering price of 10 riyals per share.
– The total nominal value of the increase amount is 16.5 million riyals, while the percentage of capital increase is 122.22%.
– The reason for the capital increase: to enable the company to implement its operational plans, support working capital and enhance its financial position.
Eligibility will be for shareholders who own shares on the day of the extraordinary general assembly. Those registered in the company’s shareholder registry with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly.
The results included: approval to amend Article (7) of the company’s bylaws related to capital.
The results included: approval to amend Article (88) of the company’s bylaws related to subscription to shares.
The results included: approval of competition business standards, and approval to amend regulations The work of the Audit Committee, and approval to amend the work regulations of the Remuneration and Nominations Committee.
The results included: approval to amend the remuneration policy for members of the Board of Directors and the committees emanating from the Board and Executive Management, and approval to amend the policy, standards and procedures for membership in the Board of Directors.
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