The general assembly of “Asas Makin” approves an increase in capital to 300 million riyals

Asas Makin Real Estate Development and Investment Company announced the results of the extraordinary general assembly meeting, including the approval of increasing the company’s capital (the first meeting), which was held on May 21 of the current year.

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

1- Reviewing the Board of Directors’ report for the financial year ending on December 31, 2025 AD and discussing it.

2- Approving the company’s auditor’s report for the financial year ending December 31, 2025 AD after discussing it.

3- Reviewing the financial statements for the fiscal year ending December 31, 2025 AD and discussing them.

4- Approving the appointment PKF Al-Bassam Certified Accountants and Auditors office is the company’s auditor from among the candidates based on the recommendation of the audit committee; This is to examine, review and audit the semi-annual and annual financial statements for the fiscal year 2026 AD, in exchange for a fee of 475,000 riyals, excluding value-added tax.

5- 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 increase: (100,000,000) riyals.
. Capital after increase (300,000,000) riyals.
• Percentage of capital increase: (200%).
• Number of shares before the increase: (10,000,000) shares.
• Number of shares after the increase: (30,000,000) shares.
• The method of covering the increase is by capitalizing an amount of (200,000,000) riyals from retained earnings.
• Increase rate: Two bonus shares for every share owned.
• The increase aims to support the growth strategy and enhance the company’s financial position in a way that contributes to enabling the company to expand its real estate activities and maximize the return on shareholders’ equity.
The eligibility for the bonus shares will be for the company’s shareholders who own the shares on the day of the extraordinary general assembly and who are registered in the company’s shareholder registry with the Securities Depository Center Company at the end of the second trading day following the maturity date. In the event that there are fractional shares, they will be collected in one wallet for all shareholders and sold at the market price, then their value will be distributed to the eligible shareholders. Each grant shall be granted according to his share within a period not exceeding (30) days from the date of determining the shares owed to each shareholder.

6 – Approval of amending Article Six of the company’s bylaws.

7- Approval of amending Article Seven of the company’s bylaws.

8 – Approval of the Chairman of the Board of Directors, Abdul Rahman bin Saud Al-Hadlaq, participating in a business competitive with the company’s business.

9- Approving the participation of Board Member Abdul Rahman bin Ibrahim Al-Hadlaq in a business competitive with the company’s business. The company.

10- Approval of the participation of Board Member Anas bin Saud Al-Hadlaq in a business competing with the company’s business.

11- Approval of the business and contracts concluded between Asas Makin Development and Real Estate Investment Company and Tasheed Hayat Contracting Company, in which both the Chairman of the Board of Directors, Abdul Rahman bin Saud Al-Hadlaq, and the Vice Chairman of the Board of Directors, Anas bin Saud Al-Hadlaq, have an indirect interest, and they are construction and contracting works in the amount of (300,000,000) riyals and the duration of the contract is (18) months, knowing that these transactions were carried out in the normal course of business and in accordance with prevailing commercial terms and without any conditions or preferential benefits.

12 – Approval of the business and contracts that were concluded between Asas Makin Development and Real Estate Investment Company and Tasheed Hayat Contracting Company, in which both the Chairman of the Board of Directors, Abdul Rahman bin Saud Al-Hadlaq, and the Vice Chairman of the Board of Directors, Anas bin Saud Al-Hadlaq, have an indirect interest in it, which is an indirect interest in it. Construction and contracting works in the amount of (55,500,000) riyals and the duration of the contract (12) months, knowing that these transactions were carried out in the normal course of business and in accordance with the prevailing commercial terms and without any conditions or preferential benefits.

13- Approval of the works and contracts that were concluded between Asas Makin Development and Real Estate Investment Company and Bareeq Integrated Operation and Maintenance Company, in which the Vice Chairman of the Board of Directors Anas bin Saud Al-Hadlaq has an indirect interest, and they are expenses. Acting, and the volume of transactions during the year 2025 amounted to 121,496 riyals, knowing that these transactions were carried out in the normal course of business and in accordance with the prevailing commercial conditions and without any conditions or preferential benefits.

14- Approval of the business and contracts that were concluded between Asas Makin Development and Real Estate Investment Company and Dhri Holding Company, which were for the Chairman of the Board of Directors, Abdul Rahman bin Saud Al-Hadlaq, the Vice Chairman of the Board of Directors, Anas bin Saud Al-Hadlaq, and a member of the Board of Directors. Abdul Rahman bin Ibrahim Al-Hadlaq has an indirect interest in it, which is an acting expense, and the volume of transactions during the year 2025 amounted to (83,524) riyals, knowing that these transactions took place in the normal course of business and in accordance with the prevailing commercial terms and without any preferential conditions or benefits.

15- Approval of the business and contracts that were concluded between Asas Makin Development and Real Estate Investment Company and Awtad Al-Thiqah Contracting Company, which the Chairman of the Board of Directors, Abdul Rahman bin Saud Al-Hadlaq has an indirect interest in it, which is acting expenses, and the volume of transactions during the year 2025 amounted to (8,765) riyals, knowing that these transactions took place in the normal course of business and in accordance with the prevailing commercial conditions and without any preferential conditions or benefits.

16- Approval of the Board of Directors’ recommendation to approve the transfer of the general reserve balance of (14,078,166) riyals to the retained earnings account.

16- Approval of the Board of Directors’ recommendation to approve the transfer of the general reserve balance of (14,078,166) riyals to the retained earnings account.

/>17- Approval to delegate to the Board of Directors the authority of the Ordinary General Assembly with the license contained in Paragraph (1) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the session of the delegated Board of Directors, whichever is earlier, in accordance with the conditions contained in the Executive Regulations of the Companies Law for listed joint-stock companies.

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