SHAMS GA to discuss capital increase to SR578 mln

The Board of Directors of the Touristic Enterprises Company ‎‎“Shams” is pleased to invite the honorable shareholders to ‎participate and vote in the Extraordinary General Assembly ‎meeting (the first meeting), which is scheduled to be held via ‎modern technology, at 6:30 pm on Sunday 04/26/1444 AH. ‎Corresponding to November 20, 2022 AD. And that is in the city ‎of Dammam at the company’s head office.‎

Meeting Agenda:‎

The first item: – Vote on the Board of director’s ‎recommendation to increase the company’s capital through a ‎right issue, according to the following:‎

A. The company’s capital before the increase is 52,566,930 ‎Saudi riyals.‎

B. The capital after the increase is 578,236,230 Saudi riyals.‎

C. Increase of 1000% on the company’s capital.‎

D. The number of shares before the increase is 5,256,693 ‎shares.‎

E. The number of shares after the increase is 57,823,623 shares.‎

F. The total amount of the increase is 525,669,300 Saudi riyals.‎

G. Reason for capital increase: Supporting working capital, ‎enhancing the company’s financial solvency, rehabilitating the ‎current resort located in the Eastern Province, and entering ‎investments in the tourism sector in support of the Kingdom’s ‎Vision 2030, which aims to increase and develop hospitality ‎facilities and other tourism services in line with the future plans ‎of the General Entertainment Authority.‎

H. The method of capital increase: Offering and listing rights ‎issues of 52,566,930 ordinary shares.‎

I. Eligibility Date: In the event of approval of the item, the ‎eligibility will be for the shareholders who own shares on the ‎day of the extraordinary general assembly who are registered ‎in the company’s shareholders register with the Securities ‎Depository Company (Edaa Center) at the end of the second ‎trading day following the date of the extraordinary general ‎assembly.‎

J. Amending Article 7 of the company’s articles of association ‎related to the company’s capital. (attached)‎

K. Amending Article 8 of the company’s articles of association ‎related to the company’s capital. (attached)‎