East Pipes GA to discuss BOD recommendation for capital ‎increase to SR315 mln

The Board of Directors of East Pipes Integrated for Industry is pleased to invite the Company’s shareholders to participate and vote in the Extraordinary General Assembly Meeting EGM (First Meeting) which includes the Company’s Capital Increase ,and scheduled to be held at (18:30) on Wednesday 23/03/1444H corresponding to 19/10/2022G in the company’s head office, in Dammam 2ND industrial city, by means of modern technology.

Agenda:

Voting on the Board of Directors’ recommendation to increase the capital from 210 million riyals to 315 million riyals, by distributing bonus shares to shareholders by capitalizing 105 million riyals from the retained earnings account, according to the following:

The capital will be increased by capitalizing an amount of 105,00,000 riyals from the account

retained earnings, and shareholders will be granted 1 share for every 2 shares owned in the company.

The capital before the increase is 210 million riyals, and after approving the increase, it will become 315 million riyals, an increase of 50%.

The number of company shares before the increase is 21 million shares, and after the increase it will be 31.5 million shares

The company aims, through the capital increase, to maximize the total shareholder wealth that balances investment growth and shareholder distribution, in line with future aspirations and growth in free cash flow, and creating higher value in the long term by investing in many available opportunities. for the company.

– In the event of stock fractions as a result of the capital increase, the fractions will be collected in one portfolio for all the company’s shareholders entitled to fractional shares and sold at the market price, then their value will be distributed to the shareholders entitled to fractional shares, each according to his share, within a period not exceeding 30 days from the date of determining the shares payable to each shareholder

The eligibility of the bonus shares is for the company’s shareholders who own the shares at the end of the trading day of the company’s extraordinary general assembly and who are registered in the shareholders’ register of the East Integrated Pipeline Company for Industry with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the meeting Extraordinary public.

In accordance with Article (33) of the company’s articles of association, the legal quorum for holding the extraordinary general assembly meeting of the company is the presence of shareholders representing at least 66.6% of the capital, and in the event of a lack of quorum in this meeting, a second meeting will be held after Thirty (30) days from the end of the period specified for convening the first meeting

Each shareholder who is registered in the issuer’s shareholder register at the Depository Center has the right to attend at the end of the trading session that precedes the meeting of the General Assembly and according to the rules and regulations, and the right to vote on the items of the assembly for those present ends when the sorting committee finishes counting the votes.

Shareholders registered on the Tadawulati electronic services website can vote remotely on the items of the general assembly meeting, through the (electronic voting) service, and it will start from 1:00 am on Saturday 15/10/2022 AD, until the end of the time of the assembly, On Wednesday, October 19, 2022 AD

The company would like to note that there will be a live audio broadcast of the association, through the link available in my trading system