JAZADCO BOD recommends splitting share nominal value from SAR 10 SAR 1

JAZADCO BOD recommends splitting share nominal value from SAR 10 SAR 1

Jazan Energy and Development Company announced the recommendation of its Board of Directors on July 20, 2023, to the Extraordinary General Assembly of the Company’s shareholders to amend the Articles of Association as follows:

1) Amending the Company’s Articles of Association in compliance with the new Companies Law and the modified Corporate Governance Regulations issued by the Capital Market Authority and their implementing Regulations.

2) Changing the name of the company from Jazan Energy and Development Company to Jazan Development and Investment Company and adding new activities

3) Reducing the nominal value of the share from (10) ten riyals per share to (1) one riyal per share so that the number of the company’s shares becomes (500,000,000) five hundred million shares instead of (50,000,000) fifty million shares.

4) Cancel the statutory reserve clause in the articles of association, with the submission to the General Assembly to transfer the entire balance of the statutory reserve on the date of the assembly to the accumulated profit (loss) account.

It should be noted that the recommendation requires obtaining the necessary approvals from the relevant authorities in this regard, and any developments will be announced in due time.