Watani Steel approves capital increase to SAR 181.6 million, and BOD members Election

Watani Iron and Steel Company announces the results of the Extraordinary General Assembly meeting (the first meeting) through modern technology, which was held on Tuesday, which includes the company’s capital increase by granting bonus shares to the company’s shareholders by capitalizing SAR 60.55 million from the retained earnings by granting one share for every two owned shares; in order to strength the strategic growth plan and ensure its financial adequacy.

The company clarified that Capital before the increase is SAR 121.1 million divided into 12.1 million ordinary shares. The capital after the increase will be SAR 181.650 million, divided into 18.16 million ordinary shares. The increase rate is 50%

In the event that there are fractional shares, they will be collected in one portfolio for all shareholders, sold at the market price, and then its value will be distributed among the shareholders 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.

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

– The report of the Board of Directors for the fiscal year ending on 12/31/2022 was reviewed.

– Approval of the company’s auditor’s report for the fiscal year ending on 12/31/2022.

– The company’s financial statements for the fiscal year ending on 12/31/2022 were reviewed.

– Approving the release of the members of the Board of Directors from liability for the fiscal year ending on 12-31-2022.

– Approving the appointment of the auditor, Al Bassam and his partners, in order to examine, review and audit the preliminary financial statements for the first, second and third quarters, and the annual financial statements for the fiscal year 2023, the preliminary financial statements for the first, second and third quarters, and the annual financial statements for the fiscal year 2024 and the preliminary financial statements for the first quarter of The year is 2025.

– Approval of the remuneration policy for members of the Board of Directors and the committees emanating from the Board of Directors and the Executive Management

– Allowing the Chairman of the Board of Directors, Mr. Abdul Karim Muhammad Al-Rajhi, to practice an activity competing with the company’s business

– Allowing the Vice-Chairman of the Board of Directors, Mr. Mishaal Abdul-Karim Muhammad Al-Rajhi, to practice a business-competitive activity company

– Allowing a member of the Board of Directors, Mr. Meshari Abdul Karim Muhammad Al-Rajhi, to practice a business-competitive activity company.

Amending Article (7) of the company’s bylaws relating to capital

Amending Article (8) of the company’s bylaws related to subscription to shares

– Approval of amending the company’s articles of association to align it with the new companies’ system

– Approve the policy, standards and procedures for membership in the Board of Directors

– Approving the profit distribution policy

– Approval of the Governance Regulations

– Approving the election of members of the Board of Directors from among the candidates for the next session, which starts from the date of July 02

2023 and its duration is three Gregorian years, ending on July 01, 2026:

They are both:

Abdul Karim Mohammed Al-Rajhi

Yousef Muhammad Al-Tarif

Mishaal Abdul Karim Al-Rajhi

Meshary Abdul Karim Al-Rajhi

Muhammad Abdul Rahman Al-Wasidi

Yasser Zoman Al-Zoman

– Approving the amendment of the audit committee work regulations