MOBI Industry BOD recommends splitting nominal value of the share from SAR 10 riyals to one riyal

MOBI Industry Co. announced the decision of the Board of Directors to recommend to the Extraordinary General Assembly to amend the company’s Articles of Association in accordance with the aforementioned regulations. Among the most prominent amendments are the following:

First: Split the nominal value of the share from SAR (10) per share to SAR (1) per share, so that the number of shares of the company becomes (50,000,000) fifty million shares instead of (5,000,000) five million shares

Second: Cancellation of the Company tenure, which was stipulated in the Company’s Articles OF Association by (99) years.

Third: Cancellation of the statutory reserve item in the Articles of Association, with a referral to the General Assembly by transferring the entire balance of the statutory reserve on the date of the Assembly meeting to the retained earnings account.