‎“Al-Jouf” GA refuses to split share nominal value ‎

Board of Directors of Al-Jouf Agricultural Development Company announced the results of the eleventh extraordinary general assembly meeting (third meeting), after the quorum was completed for the validity of holding the assembly meeting according to the company’s bylaws.

According to the company’s statement on Tadawul, the results were as follows:

1- Approval to amend the company’s bylaws in accordance with the new companies’ bylaws, and to rearrange and number the articles of the bylaws to be compatible with the proposed amendments.

2- Approval of amending Article (3) of the company’s bylaws related to (the company’s purposes).

3- Approval of amending the work regulations of the Audit Committee

4- Approval of amending the work regulations of the Nominations and Remuneration Committee

5- Not agreeing to split the nominal value of the share according to the following:

– Nominal value of the share before adjustment: (10) riyals

– The nominal value of the share after adjustment: (1) riyals

– Number of shares before adjustment: 30 million shares

– Number of shares after adjustment: 300 million shares

-There is no change in capital before and after the stock split process

– Effective date: If the clause is approved, the split decision will be effective on all the company’s shareholders who own 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 (Edaa) at the end of the second trading day. Following the date of the extraordinary general assembly in which the stock split was decided

– If approved, the effect of the decision will be applied to the share price starting from the business day following the meeting, provided that the number of shares in the shareholders’ portfolios is applied at the end of the second trading day following the date of the extraordinary general assembly in which the stock split was decided. .

– Not agreeing to amend Article (7) of the bylaws related to (the company’s capital).

– Not agreeing to amend Article (8) of the bylaws related to (subscription to shares).