Naseej GA Reduces Capital to SR108.9 mln to Amortize Accumulated Losses

Naseej International Trading Company announced on Tuesday the results of the Extraordinary General Assembly meeting which included the approval to reduce the company’s capital (Third meeting) through modern technology, The Extraordinary General Assembly meeting (the third meeting) shall be valid if attended by shareholders, regardless of the number of shares represented in it. The percentage of attending shareholders is % 18.60.

Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

1- Approval on the Board of Directors’ resolution to reduce the capital to be as below:

– Capital before reduction: (SR211,632,010).

– Capital after reduction: (SR108,973,010).

– Capital reduction percentage: 48.51 % .

– Number of shares before the reduction: (21,163,201) shares.

– Number of shares after reduction: (10,897,301) shares.

– Reason for capital reduction: Amortization of accumulated losses in the amount of (SR102,659,000).

– Method of capital reduction: Cancellation of (10,265,900) shares of the company’s shares, (0.485) shares will be reduced for every (1) share

– The impact of the capital reduction on the company’s obligations: Capital decrease will not impact the Company financial obligations

– Date of reduction: The reduction decision will be effective on the shareholders of the company who own shares on the day of the extraordinary general assembly who are registered in the company’s shareholders register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly that was decided in which the capital reduction.

-Amending Article Seven (7) of the company’s articles of association related to capital.

– Amending Article Eight (8) of the company’s articles of association related to subscribing to shares .