Aljazira Takaful GA votes on capital increase by granting bonus shares to shareholders on Sep. 25

The Board of Directors of Aljazira Takaful Taawuni Company invited the shareholders to participate and vote in the Extraordinary General Assembly meeting, which is scheduled to be held on Monday, 25.09.2023, including voting on capital increase by granting bonus shares to shareholders with a value of SAR 110 million according to the following:

Nominal value of the capital before the increase: SAR 550 million

Nominal value of the capital after the increase: SAR 660 million.

Total capital increase amount: SAR 110 million.

Number of shares before the increase: 55 million shares.

Number of shares after increase: 66 million shares.

Capital increase rate: 20%.

Reasons for increasing capital: the strengthening its financial efficiency and competitiveness in the sector.

Number of shares granted for each share: Granting (1) shares for every (5) shares owned.

The capital increase will be by capitalizing an amount of SAR 110 million from the share premium account

Eligibility Date: If capital increase is approved by the Company’s shareholders during the Extraordinary General Assembly meeting, the eligibility of bonus shares shall be for shareholders owning the shares by the end of trading day of the General Assembly meeting and are registered in the Company’s Shareholders Registry at the Securities Depository Center (Edaa) by the end of the second trading day following the Extraordinary General Assembly meeting date.

Details of how to deal with fractional shares: In the event of fractional shares, the fractional shares will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to 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.

Attendance eligibility is for shareholders registered in Aljazira Takaful’s shareholders register at the Securities Depository Center Company “Edaa” at the end of the trading session preceding the General Assembly meeting.

As per Article (33) of the Company Articles of Association, The quorum for convening the Extraordinary General Meeting of the company is the presence of shareholders representing at least 50% of the capital. In the case of non-completion of the quorum, a second meeting will be held one hour after the end of the first meeting. The second meeting shall be valid if attended by a number of shareholders representing at least 25% of the capital shares, and if the necessary quorum is not met in the second meeting, an invitation shall be sent to hold the third meeting and the third meeting will be valid regardless to the number of shares represented in it after the approval of the competent authorities.

The shareholders who are registered in the website of (Tadawulaty) electronic trading services can remotely vote on the items of the General Assembly through (electronic voting) service, and note that the remote voting will start at 01:00 am on Thursday 21.09.2023, and continue until the end of the General Assembly on Monday 25.09.2023.

Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.