June 7.. “Ma’aden” GA to discuss BOD recommendation to ‎increase the capital to SR37 bln by granting free shares

The Saudi Arabian Mining Company “Ma’aden” called on its shareholders to attend the ninth extraordinary general assembly meeting, which includes the capital increase (the first meeting), on 06-07-2023, as the agenda includes an item to vote on the Board of Directors’ recommendation to increase the company’s capital. By granting free shares according to the following:

_ The total amount of the increase: 12,305,911,460 riyals.

_ The capital before the increase: 24,611,822,920 riyals

_ The capital after the increase: 36,917,734,380 riyals

_ Increase rate: 50%

_ Number of shares granted: one share for every two shares granted

_ The number of shares before the increase: 2,461,182,292

_ The number of shares after the increase: 3,691,773,438

The company said in a statement today on “Tadawul” that it aims to increase the capital to strengthen the capital base. This contributes to enhancing future growth plans

The increase will be through the capitalization of the statutory reserve and retained earnings in the amount of 12,305,911,460 riyals.

The company stated that if the clause is approved, the eligibility date for the shareholders who own shares will be at the end of trading on the day of the extraordinary general assembly of the company and those registered in the company’s shareholder register with the Securities Depository Center Company (Deposit Center) at the end of the second trading day following the date of the irregular public assembly.

In the event that there are fractional shares, the fractions will be collected in one portfolio for all the shareholders and sold at the market price, then their value will be distributed among the shareholders who are eligible for the grant, each according to his share within a period not exceeding 30 days from the date of determining the shares due to each shareholder.

The remaining items of the General Assembly are as follows:

 Amending Article Seven (7) of the company’s bylaws, which is related to the company’s capital and shares, to reflect the increase in the capital.

– To vote on the shares program allocated to employees and to authorize the Board of Directors to determine the terms of this program, including the allocation price for each share offered to the employees, if it is for a fee.

– To vote on the company’s purchase of a number of shares, with a maximum of (2,170,767) of its shares, with the aim of allocating them to the company’s employees within the employee shares program, and the purchase will be financed through the company’s own resources, and to authorize the Board of Directors to complete the purchase within a maximum period of two months Ten months from the date of the decision of the Extraordinary General Assembly, and the company will keep the purchased shares for a period not exceeding (5) years from the date of approval of the Extraordinary General Assembly as a maximum until allocating them to the eligible employees, and after the expiration of this period, the company will follow the procedures and controls provided for in the relevant rules and regulations

The meeting of the Extraordinary General Assembly shall be valid if attended by shareholders representing at least (50%) of the capital. If the necessary quorum for holding the first meeting is not available, the second meeting will be held within the thirty (30) days following the first meeting, and the second meeting will be valid if attended by shareholders representing at least (25%) of the capital.

Each shareholder registered in the company’s shareholder register at the Securities Depository Center at the end of the trading session preceding the meeting of the General Assembly has the right to attend the electronic attendance and vote using the Tadawulaty system at the assembly meeting, according to the rules and regulations.

Shareholders can vote on the agenda items of the Ninth Extraordinary General Assembly electronically through the (electronic voting) service. Voting will start on Saturday, June 03, 2023 AD, at one o’clock in the morning, and will continue until the end of the meeting time.