BATIC General Assembly approves capital increase to SR600 mln

BATIC announces the results of the Extraordinary General Assembly Meeting, which included the approval of increasing the company’s capital by way of rights issue which was held at its second meeting at 19:30 on Monday 2 Jumada Al-Awwal 1443 H corresponding to 6 December 2021, where the quorum for the meeting was completed by 30.98%.

The meeting was held (remotely) through modern technology to ensure the safety of the company’s shareholders and to support preventive and precautionary efforts and measures by the competent and relevant health authorities to address the new Corona virus and as an extension of the continuous efforts exerted by all government agencies in Saudi Arabia in taking the necessary preventive measures to prevent its spread

Voting Results on the Items of the General Assembly’s Meeting Agenda:

1. Approve the Board’s recommendation to increase the Company’s capital by offering the right issue shares as follows:
2. The Company’s capital before the increase: SAR 300,000,000.
3. The Company’s capital after increase: SAR 600,000,000.
4. The increase ratio will represent 100% of the Company’s capital.
5. The number of shares before the increase: 30,000,000 ordinary shares.
6. The number of shares after the increase: 60,000,000 ordinary Shares.
7. The reason for increase the capital: to finance and implement its future plans and projects, expand its various activities and align its investment and growth plans with the renaissance and economic changes that the Kingdom is witnessing in its ambitious 2030 vision, and acquire profitable assets and purchase or invest in companies and income-generating assets.
8. Capital increase method: Offering and listing rights issue shares amounting to 30,000,000 ordinary shares
9. The total amount of the offering: 30,000,000 ordinary shares will be offered with a nominal value of SR (10) and an offer price of SR (10) per share by issuing rights shares with a total offering amount of SR 300,000,000
10. 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.

j.

– amendment of Article 7 of the Statute relating to capital.

– . amendment to Article 8 of the Statute relating to the subscription of shares .

1. Approve the amendment to Article 18 of the Statute relating to the Prerogatives of the Board of Directors .
2. Approve the amendment to Article 20 of the Statute relating to the Prerogatives of the Chairman, Deputy, Managing Director and Secretary of the Council .
3. Rejecting the business and contracts that have been made between BATIC and Hazon, consistis in the purchase of the entire shares owned by Hazon with 20 shares and 2% of the capital of SCSC, as well as its money and rights and obligations, with an amount SR 6,000,000 without any detailed conditions, which the Chairman Mr. Ahmed Al-Sanea and member of the Board of Directors Mr. Firas Al-Bawardi has an indirect interest in which they are owned in the capital of SCSC.
4. Rejecting authorizing the Board of Directors with the authority of the Ordinary General Assembly with the license contained in paragraph (1) of Article 71 of the Companies Regulations, for a period of one year from the date of approval by the General Assembly or until the end of the authorized board session, whichever is earlier, in accordance with the conditions set out in Regulatory controls and procedures issued in implementation of the regulations of companies for Listed Shareholding Companies.