Al-Rasheed General Assembly approves increasing the capital to 180 million riyals

Mohammed Hadi Al-Rasheed and Partners Company announced the results of the extraordinary general assembly meeting including an increase in the company’s capital (the first meeting), which was held last Thursday.

The company said in a statement on its website "Saudi Arabia trading"The results of the vote on the assembly’s agenda included:

1 – Approval of the Board of Directors’ recommendation regarding increasing the company’s capital by granting free shares to the company’s shareholders according to the following:

– Capital before the increase amounted to 120 million riyals.

– Capital after the increase amounted to 180 million riyals.

– Percentage of capital increase: 50%

– Number of shares before the increase was 12 million shares.

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– The number of shares after the increase is 18 million shares
– The method of covering the increase: by capitalizing an amount of one million riyals from the balance of retained earnings.

– The rate of increase for each share: (1) free share is given to each shareholder who owns (2) two shares

– Reasons for the increase: The capital increase comes within the company’s strategy in line with its future plans for expansion and growth, and creating higher value in the long term by investing in many opportunities available to the company, and emphasizing its financial solvency and strength. Its financial position

– Amending Article (7) of the company’s bylaws related to (capital).

– Amending Article (8) of the company’s bylaws related to (subscription to shares). (

– The date of eligibility for the bonus shares for the company’s shareholders who own the shares will be on the day of the extraordinary general assembly registered in the company’s shareholder register at the Securities Depository Center Company (Depository Center) at the end of the second trading day following the entitlement date.

– In the event that there are fractional shares, they will be collected in one wallet for all shareholders, sold at the market price, and then their value distributed to the shareholders eligible for the bonus, each according to his share, within a period not exceeding 30 days. One day from the date of determining the shares owed to each shareholder.

2 – Approval of amending the list of policies and standards for remuneration for members of the Board of Directors, its committees, and the executive management.

3 – Approval of the work list of the Nominations and Remuneration Committee.

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