Saudi Cable Co. Announces the Results of the Extraordinary General Assembly’s Meeting Approving Decrease of the Capital (Third Meeting)
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | The Board of Directors of Saudi Cable Company is pleased to announce the results of the Extraordinary General Assembly (Third Meeting) held on Sunday, 19/07/1443H corresponding to 20/02/2022 at 6:30 pm |
| City and Location of the Extraordinary General Assembly’s Meeting | Saudi Cable Company’s Head Office, Jeddah – Via means of Modern Technology. |
| Date of the Extraordinary General Assembly’s Meeting | 2022-02-20 Corresponding to 1443-07-19 |
| Time of the Extraordinary General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 12.72 |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | – Mr. Abdulrahman Alkhayal (Chairman of the Board) – Mrs. Noha Sulaimani (Vice-Chairman & Managing Director) – Mr. Abdulhadi Abulkhair. – Mr. Saleh Al Shathry – Mr. Meyassar Nowailati – Mr. Ali Al Attas – Mr. Azhar Kenji Apologies were received from the following members of the Board of Directors: – Mr. Nael Fayez |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Names of Those Attending on their Behalf | All chairpersons of the following committees attended: – Mr. Saleh Al Shathry (Chairman of the Nomination & Remuneration Committee) Mr. Bassem T. Hijaz (Chairman of the Audit Committee). |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1. Approved the Board’s recommendation regarding decrease of the Company’s capital, as the following: – Company’s capital before the decrease: (360,614,060) Saudi Riyal. – Company’s capital after the decrease: (262,311,060) Saudi Riyal. – Number of Shares before the decrease: (36,061,406) shares. – Number of Shares after the decrease: (26,231,106) shares. – The percentage of the capital decrease: 27.26% of the Company’s capital. – Reasons for capital decrease: Restructuring of the capital in order to write-off (100%) of the accumulated losses as of 31 March 2021, an amount of (98,303,000) Saudi Riyal. – Method of capital decrease: Cancellation a number of (9,830,300) of the Company’s shares, such that, 1 share shall be decreased per 3.6684 share. – Date of decrease: End of the second trading day following the date of the Extraordinary General Assembly meeting that approved the capital decrease. – Impact of Capital decrease on Company’s obligations: Capital decrease will not impact the Company financial obligations. -To amend Article No. (7) of the Company’s Bylaw on Company’s capital. – To amend Article No. (8) of the Company’s Bylaw on shares subscription. 2. Disapproved the Board recommendation regarding Company’s Capital increase through offering of Rights issue, as the following: – Company’s capital before the increase: (262,311,060) Saudi Riyal. – Increase of the Company’s Capital through offering of Rights issue, an amount of (500,000,000) Saudi Riyal. – Company’s capital after the increase: (762,311,060) Saudi Riyal. – Number of Shares before the increase: (26,231,106) shares. – Number of Shares after the increase: (76,231,106) shares. – Reasons for capital increase: Restructuring of the Company’s capital in order to inject new capital to secure working capital to enable the Company to increase operational capacity and support its future activities. – Method of capital increase: Offering and listing of Rights issue (50,000,000) Shares. – Eligibility’s date: Upon approval of this item, eligibility shall be for the Shareholders on the day of the Extraordinary General Assembly convention, who are registered in the Shareholders’ register at the Securities Depository Center (Edaa) in the end of the second trading day following the date of the Extraordinary General Assembly convention. – To amend Article No. (7) of the Company’s Bylaw on Company’s capital. – To amend Article No. (8) of the Company’s Bylaw on shares subscription. |
