Shaker GA Agrees to Reduce Capital to SR482.33 mln

Al Hassan Ghazi Ibrahim Shaker Company announced on Monday to its valued shareholders the results of the Extraordinary General Assembly meeting (the second meeting) through modern technology, on Sunday 15.05.2022, an hour after the first meeting due to non-achieving the legal quorum in the first meeting.

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

1. Approval of reducing the company’s capital based on the recommendation of the Board of Directors according to the following:

– The company’s capital before the reduction: (SR630,000,000)

– The company’s capital after reduction: (SR482,334,000)

– Number of shares before the reduction: (63,000,000) shares.

– Number of shares after the reduction: (48,233,400) shares.

Reduction rate: 23.44% of the company’s capital.

– Reason for capital reduction: To restructure the capital and amortize (23,44%) of the accumulated losses as on September 30, 2021, at a value of (SR147,666,000)

– Method of capital reduction: Cancellation of (14,766,600) ordinary shares of the company’s shares, 2.34 shares will be cancelled for every 10 shares.

– Date of reduction: at the end of the second trading day following the date of the Extraordinary General Assembly in which it was decided to reduce the capital.

– The effect of the capital reduction on the company’s obligations: There is no effect of reducing the company’s capital on its financial obligations.

– Approval of the amendment of Article (7) of the company’s articles of association, related to the capital.

1. Approval of the amendment of Article (31) of the company’s articles of association related to inviting assemblies.
2. Approval of the amendment of Article (42) of the company’s articles of association, related to the reports of the Audit Committee.
3. Approval of the report of the Board of Directors for the fiscal year ending on December 31, 2021
4. Approval of the auditor’s report for the fiscal year ending on December 31, 2021
5. Approval of the audited financial statements for the fiscal year ending on December 31, 2021
6. Approval of the disbursement of an amount of SR1,400,000 as a reward to the members of the Board of Directors for the fiscal year ending on December 31, 2021
7. Approval of releasing the members of the board of directors from liability for the fiscal year ending on December 31, 2021
8. Approval of the election of members of the Board of Directors from among the candidates for the next term, which begins on 05/25/2022, and has a term of three years, ending on 05/24/2025. Delusion:

1- Mr. Abdul Ilah bin Abdullah Abunayan.

2- Mr. Musab bin Suleiman Al-Muhaidib.

3- Mr. Abdul Raouf bin Walid Al-Bitar.

4- Mr. Eid bin Faleh Al-Shamri.

5- Eng. Azzam bin Saud Al-Mudaihim.

6- Mr. Hossam bin Ali Shobokshi.

7- Mr. Rashid bin Abdul Rahman Al-Rasheed.

1. Approval of the formation of the Audit Committee, defining its tasks, work controls, and remunerations for its members for the new term, which begins on 05/25/2022, and has a duration of three years, ending on 05/24/2025, delusion:

1) Mr. Eid Faleh Al-Shamry as Chairman

2) Mr. Ahmed Zaki Al-Fraih as a member

3) Mr. Mohamed Abdel Mohsen Al-Qurainis as a member

1. Approval of the appointment of Messrs. PricewaterhouseCoopers (PWC) as the company’s auditor from among the candidates based on the audit committee’s recommendation, to examine, review and audit the financial statements for the second, third, fourth and annual quarters of 2022, and for the first quarter of the fiscal year 2023, and to determine their fees.
2. Approval of the business and contracts that are made for the company and Himma Capital Company as transactions with related parties (with direct interest) and whose board of directors is chaired by the Chairman of the Board of Directors, Mr. Abdulelah Abunayan, and a member of the Board of Directors, Mr. Musab Al-Muhaidib, as transactions of direct interest. The company entered into a contract with Himma Capital Company, with an independent consultant contract, to reduce and increase the company’s capital, and the value of the interest amounted to SR750 thousand.