Arabia Insurance disapproves increase capital by offering right issue shares to support growth

Arabia Insurance Cooperative Company announced the results of the extraordinary general assembly meeting (the first meeting), which was held on Tuesday, by means of modern technology using the Tadawulaty system.

The attendance rate for the first meeting was 77.42%.

The company announced the disapproval of the Board’s recommendation to increase the company’s capital by offering the right issue shares as follows:

• Offering amount: Two hundred and sixty five thousand (265,000,000) Saudi riyals.

1. The company’s capital before the increase: (265,000,000) Saudi riyals.

1. The company’s capital after increase: (530,000,000) Saudi Riyals.

1. The increase ratio will represent 100% of the company’s capital.

1. The number of shares before the increase: (26,500,000) ordinary shares.

1. The number of shares after the increase: (53,000,000) ordinary Shares.

• Reasons and methods of changing capital:

– Reason of capital increase: to support the growth of the Company’s business while maintaining the solvency requirements imposed by the Saudi Central Bank.

• Eligibility date: If the item is approved, eligible shareholders are those holding shares on the day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders’ registry with the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the eligibility date.

• Disapproval of amending (Article No. 8) of the Company’s bylaws relating to capital.

1. Disapproval of the amendment of Article (3) of the Company’s Bylaws relating to the Purposes of Company.

1. Disapproval of the amendment of Article (4) of the Company’s Bylaws relating to the Participation and Acquisition.

1. Disapproval of the amendment of Article (5) of the Company’s Bylaws relating to Company’s Head Office.

1. Disapproval of the amendment of Article (7) of the Company’s Bylaws relating to the Company’s Investments.

1. Disapproval of the amendment of Article (12) of the Company’s Bylaws relating to the Trading of shares.

1. Disapproval of the amendment of Article (13) of the Company’s By-Laws relating to the Increasing capital.

1. Disapproval of the amendment of Article (14) of the Company’s By-Laws relating to the Reducing Capital.

1. Disapproval of the amendment of Article (15) of the Company’s By-Laws relating to the Company’s Management.

1. Disapproval of the amendment of Article (16) of the Company’s By-Laws relating to the Expiry of Board Membership.

1. Disapproval of the amendment of Article (17) of the Company’s By-Laws relating to the Membership Vacancy.

1. Disapproval of the amendment of Article (18) of the Company’s By-Laws relating to the Powers and Authorities of the Board.

1. Disapproval of the amendment of Article (19) of the Company’s By-Laws relating to the Remuneration of the Board of Directors, Chairman of the Board and Managing Director.

1. Disapproval of the amendment of Article (21) of the Company’s By-Laws relating to the Meetings of the board.

1. Disapproval of the amendment of Article (22) of the Company’s By-Laws relating to the Quorum at Meetings and Decisions of the Board.

1. Disapproval of the amendment of Article (24) of the Company’s By-Laws relating to the Agreements, Contracts and Conflict of Interests.

1. Disapproval of the amendment of Article (25) of the Company’s By-Laws relating to the Attending Meetings.

1. Disapproval of the amendment of Article (26) of the Company’s By-Law relating to the Incorporating Assembly.

1. Disapproval of the amendment of Article (27) of the Company’s By-Laws relating to the Competencies of Incorporating Assembly.

1. Disapproval of the amendment of Article (28) of the Company’s By-Laws relating to Authorities of the Ordinary General Assembly.

1. Disapproval of the amendment of Article (30) of the Company’s By-Laws relating to the Invitation of the General Assemblies.

1. Disapproval of the amendment of Article (32) of the Company’s By-Laws relating to the Quorum at the Ordinary General Meeting.

1. Disapproval of the amendment of Article (33) of the Company’s By-Laws relating to the Quorum at Extraordinary General Meeting.

1. Disapproval of the amendment of Article (37) of the Company’s By-Laws relating to Chairing the Assemblies and the Preparation of the Minutes.

1. Disapproval of the amendment of Article (39) of the Company’s By-Laws relating to the Appointment of the Auditor.

1. Disapproval of the amendment of Article (43) of the Company’s By-Laws relating to the Financial Documents/Instruments.

1. Disapproval of the amendment of Article (45) of the Company’s By-Laws relating to the Zakat, Reserve and distribution of dividends.

1. Disapproval of the amendment of Article (46) of the Company’s By-Laws relating to Maturity of profits.

1. Disapproval of the amendment of Article (47) of the Company’s By-Laws relating to Losses of the Company.

1. Disapproval of the amendment of Article (49) of the Company’s By-Laws relating to the Liability of Board Members.

1. Disapproval of the amendment of Article (50) of the Company’s By-Laws relating to the Dissolution of the Company.

1. Disapproval of the amendment of the company’s Corporate Governance Manual.