Atlas Elevators Postpones Utilization of SAR 18 Million from Offering, Shareholders Approve

Atlas Elevators General Trading and Contracting Company informed shareholders on Monday about the outcomes of the extraordinary general assembly meeting held on Sunday, January 21, 2024, at 18:30 pm. The Board of Directors’ proposal to defer the use of the remaining net proceeds from the offering, totaling SAR 17,963,636, earmarked for the company’s expansion plan, was approved. These funds will be deposited annually, monthly, or quarterly as Murabaha with a Saudi bank at the prevailing rate of return, as deemed appropriate by the Board of Directors. Subsequently, the deposited amount will be utilized to finance the company’s expansion plan.

Other voting results on the General Assembly’s agenda items include:

Approval of the amendment to Article (2) of the company’s bylaws concerning the company’s name.

Approval of adding Article (12) to the company’s bylaws related to debt instruments and financing instruments.

Approval of the amendment to Article (20) of the company’s bylaws concerning the powers of the Board of Directors.

Approval of the amendment to Article (21) of the company’s bylaws concerning the powers of the president, deputy, managing director, and secretary.

Approval of amending the company’s bylaws in alignment with the new companies’ bylaws, including the rearrangement and numbering of articles to comply with the proposed amendments.