EIC votes to divide share nominal value from SAR 10 to SAR 0.5

The Board of Directors of Electrical Industries Company is pleased to invite its shareholders to participate and vote in the Extraordinary General Assembly meeting (First meeting), which is scheduled to be held at 7:00 pm on Thursday, 28-09-2023, through Modern Technology means.

The company explained on Tadawul that the assembly will vote on the split of the company’s shares according to the following:

– The nominal value of share before the amendment: (10) Saudi Riyals

-The nominal value of share after the amendment: (50) Hallas

– Number of shares before the amendment :(56,250,000) share

– Number of shares after the amendment: (1,125,000,000) share

-There is no change in the Company’s capital before and after the stock split

– Effective date: If the clause is approved, the split resolution will be effective for all shareholders of the company who own the shares at the date of the Extraordinary General Assembly and are registered in the Company’s shareholders register at the Securities Depository Center (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly. The effect of the decision will be applied to the share price, starting from the business day following the Extraordinary General meeting, provided that the resolution will be implemented in relation to the number of shares in the shareholders portfolios at the end of the second trading day following the date of the Extraordinary General Assembly in which it was decided to split the shares.

– Amending Article (7) of the Company’s bylaws relating to the Company’s Capital (attached).

– Amending Article (8) of the company’s Bylaws relating to subscription to shares (attached).

2- Voting on the amendment of the Audit Committee Charter (attached).

3- Voting on the amendment of the Remuneration and Nomination Charter (attached).

4- Voting on the amendment of the policies, standards, and procedures for membership in the board (attached).

5- Voting on the amendment of the Remuneration policy for the Board, its Committees and Executive Management (attached).

Eligibility for attendance for Shareholders who are registered in Tadawulaty services at the end of the trading session preceding the General Assembly meeting, in accordance with the rules and regulations. Shareholders also have the right to discuss topics on the assembly’s agenda and ask questions.

The extraordinary general assembly meeting is valid if it is attended by shareholders representing (50%) of the company’s shares that have at least voting rights. If the quorum required to hold this meeting is not available, the second meeting will be held one hour after the end of the period specified for holding the first meeting. The second meeting will be valid if it is attended by shareholders representing (25%) of the company’s shares that have at least voting rights.