March 3.. “Atlas Elevators” GA to discuss purchasing the company’s maximum 300,000 shares

Atlas Elevators for General Trading and Contracting invited shareholders to participate and vote in the Extraordinary General Assembly meeting (first meeting) scheduled to be held on Sunday, March 3, in order to vote on the company’s purchase of a number of its shares, up to a maximum of (300,000) shares of its stock, and to retain them as treasury shares, as the Board of Directors Management believes that the share price in the market is less than its fair value. The purchase will be financed from the company’s own resources and the Board of Directors is authorized to complete the purchase within a maximum period of (12) months from the date of the extraordinary general assembly’s decision. The company will retain the purchased shares for a maximum period of (24) months. From the date of approval by the Extraordinary General Assembly and after the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

The company said that the shareholder has the right to discuss the topics on the assembly’s agenda, ask questions, and how to exercise the right to vote. Shareholders registered in Tadawulaty services can vote electronically remotely on the assembly’s items starting at 1:00 am on Wednesday 08/18/1445 AH corresponding to 28/ 02/2024 AD until the end of the meeting time, and registration and voting in Tadawulati services will be available and free of charge to all shareholders.

The right to attend is for shareholders registered in the register of shareholders of the issuer at the Depository Center at the end of the trading session that precedes the general assembly meeting and in accordance with the rules and regulations. The shareholder has the right to delegate whomever he chooses from other than members of the company’s board of directors. The shareholder also has the right to discuss topics on the assembly’s agenda and ask questions. The right to register attendance at the assembly meeting ends at the time of the assembly meeting, and the right to vote on the assembly’s items for attendees ends when the sorting committee finishes counting the votes.

According to Article (38) of the company’s bylaws, the extraordinary general assembly meeting will not be valid unless it is attended by shareholders representing at least half of the company’s shares that have voting rights. If this quorum is not present at the first meeting, the second meeting will be held one hour after the end of the period specified for the meeting. The first meeting. In all cases, the second meeting is considered valid if it is attended by a number of shareholders representing at least a quarter of the company’s shares that have voting rights.