Maadaniyah General Assembly Reduces Capital by 16.76%

The Board of Directors of National Metal Manufacturing & Casting Co. (MAADANIYAH) announced on Wednesday the results of the Extraordinary General Assembly to decrease the Company’s capital by 16.76%.

The (Second Meeting) held on Tuesday 23.11.2021 at 7:30 pm after the quorum was completed to validate the assembly meeting. Percentage of attending shareholders is 38.64%.

The meeting included the following:

1. Approval of the recommendation of the Company’s Board of Directors to decrease the Company’s capital according to the following:

• The company’s capital before the decrease is SAR 281,120,890, the capital after the decrease SAR 234,000,000, at a reduction of 16.76% of the company’s capital.
• Number of shares before the decrease (28,112,089) shares, number of shares after the decrease (23,400,000) shares.
• Reason for the capital decrease: write off the accumulated losses with the amount of SAR 47,120,890.
• Method of Capital Decrease: Cancelling (4,712,089) shares of the company’s shares, (1) share will be reduced for every (5,966) share.
• Impact of the Capital Decrease on the Company’s Obligations: There is no impact of reducing the company’s capital on its financial obligations.
• Date of reduction: The end of the second trading day after the Extraordinary General Assembly Meeting in which Decrease was Resolved.
• Amending Article (6) of the Company’s Articles of Association relating to the Capital.
• Amending Article (7) of the Company’s Articles of Association relating to Shares Subscriptions.

1. Approval of the recommendation of the Company’s Board of Directors to increase the Company’s capital by offering rights issue shares according to the following:

• Capital before the increase SAR234,000,000
• Increasing the Company’s capital by offering rights issue shares of SAR120,000,000
• Capital after increase SAR354,000,000
• Number of shares before increase (23,400,000) share.
• Number of shares after increase (35,400,000) share.
• Reason for the capital increase: To raise the Company’s financial solvency and reduce borrowing rates and the costs incurred from them.
• Method of capital increase: By offering and listing rights issue shares of (12,000,000) ordinary shares.
• Eligibility Date: In the event of the approval of the said Agenda Item, shareholders who own shares on the day of the Extraordinary General Assembly and who are registered in the Company’s Shareholder Register at the Securities Depository Center Company (“Edaa”) by the end of the second trading day following the date of the Extraordinary General Assembly meeting.
• Amending Article (6) of the Company’s Articles of Association relating to the Capital
• Amending Article (7) of the Company’s Articles of Association relating to Shares Subscriptions.

The Company indicated that all members of the Board of Directors were present, and they are as follows:

– Mr. Mutlaq Almurashid (Chairman)

– Mr. Shaker Alotaibi (Deputy of Chairman)

– Mr. Ryan Tarabzoni (Board Member)

– Mr. Talal Alnafea (Board Member)

– Mr. Asem Alesa (Board Member)

– Mr. Omar Albelali (Board Member)

Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Names of Those Attending on their Behalf:

– Mr. Talal Alnafea (Chairman of Audit Committee)

– Mr. Ryan Tarabzoni (Chairman of Remuneration and Nomination)