Saudi Cables Postpones Convening of General Assembly for Changing Capital due to Lack of Quorum

The Saudi Cable Company announced on Thursday that the Extraordinary General Assembly meeting (the second meeting) will not be held on Wednesday 20/07/2022, via modern technology, due to the lack of the quorum required for the meeting, as the attendance percentage for the meeting reached the first meeting (13.37%) and the attendance percentage for the second meeting (13.51%).

The company clarified that the effect of the non-convening of the Assembly meeting regarding the recommendations of the board of directors about the change in the capital is that the company will later invite the third meeting to be held with the shareholders who attended.

If the shareholders of the company agree at the Extraordinary General Assembly’s Meeting to reduce the capital, 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 Centre 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.

Accordingly, the Extraordinary General Assembly meeting was postponed, and will call for a third meeting which will be determined and announced later after obtaining the approval of the relevant authorities.