AMAK to discuss BOD recommendation to increase capital to SAR 900 mln by granting free shares

The Board of Directors of Al Masane Al Kobra Mining Company (AMAK) invited the shareholders to participate and scheduled to be held at 06:30 PM on Tuesday 14/01/1445 AH, corresponding to 01/08/2023 AD, through modern technology by using Tadawulaty system, which included the voting of the Board of Directors’ recommendation on increasing the capital of the Company by granting free shares to the shareholders of the Company in accordance with the following:

• Total amount of increase: (240,000,000) Two hundred and forty million Saudi Riyals.

• Capital before increase: (660,000,000) Six hundred and sixty million Saudi Riyals.

• Capital after increase: (900,000,000) Nine hundred million Saudi Riyals.

• Increase rate: 36.36%

• Number of shares awarded: one share (1) for each (2.75) shares.

• Number of shares before the increase: Sixty-six million (66,000,000) ordinary shares with a fully paid nominal value of SAR (10) Ten per share.

• Number of shares after the increase: Ninety million (90,000,000) ordinary shares with a fully paid nominal value of SAR (10) Ten per share.

• Amending article (7) of the Company’s Bylaw, regarding the Company’s capital and shares to reflect the capital increase. (Attached).

• Amending article (8) of the Company’s Bylaw, regarding the Company’s capital and shares to reflect the capital increase. (Attached).

The company’s capital will be increased by capitalizing a total amount of SAR (240,000,000) Two hundred and forty million from the share premium. The company aims to increase the capital to support the company’s financial position in order to achieve its strategy to expand and grow by exploiting opportunities to invest in the mining sector.

If the clause is approved, the date of eligibility of the grant shares to the shareholders of the company will be the day of the extraordinary General Assembly, which is entered in the company’s shareholders’ registry with the Securities Depositary Centre Company (“Edaa”) at the end of the second trading day following the date of the extraordinary General Assembly.

In the case of share fractures, they will be grouped into a single portfolio of all shareholders, sold at market rate, and then distributed to the shareholders entitled to the grant according to their respective share, within a period not exceeding 30 days from the date of determination of the shares due to each shareholder.

– Vote to amend article (3) of the Company’s Bylaws relating to the purposes of the Company.

– Vote on amending the company’s bylaws to align it with the new companies’ Law. and rearranging and numbering the articles to align it with the proposed amendments.