September 28.. “Al-Babtain” GA to discuss increasing capital to ‎‎639.4 million riyals ‎

The Board of Directors of Al-Babtain Power and Telecom Company announced the shareholders to participate and vote in the extraordinary general assembly meeting that includes the capital increase (the third meeting) to be held at 06:30 pm on Thursday, September 28, through modern technology.

Agenda:

– To vote on the Board of Directors’ recommendation to increase its capital by granting bonus shares according to the following:

The increase will be through capitalizing an amount of 213.1 million riyals from the retained earnings, by granting one share for every two shares owned.

The total amount of the increase is 213.1 million riyals

The capital before the increase is 426.3 million riyals

The capital after the increase is 639.4 million riyals

The rate of increase is 50% of the capital

The number of shares before the increase is 42.6 million shares

The number of shares after the increase is 63.9 million shares

The capital increase comes as part of the company’s plan to support the financial position to comply with the future vision for growth and expansion, and to open investment horizons in many available opportunities. In the event that there are fractions of granted shares, the fractions will be collected in one portfolio for all the shareholders and sold at the market price, then their value will be distributed to the shareholders who are eligible for the grant, each according to his share within a period not exceeding 30 days from the date of determining the new shares due to each shareholder.

In the event that this item is approved, the eligibility date for the shareholders who own shares will be on the day of the extraordinary general assembly meeting and those registered in the company’s shareholder register at the Securities Depository Center at the end of the second trading day following the date of the extraordinary general assembly meeting.

-Voting on the amendment of Article No. (7) of the company’s articles of association, which is related to the capital.

– Voting on the amendment of Article No. (8) of the company’s articles of association, which is related to subscription to shares.

– Voting on amending the company’s articles of association in line with the new companies’ system, and renumbering the articles of the system to comply with the proposed amendments.

– To vote on transferring the balance of the statutory reserve amounting to (127,893,936) riyals, as in the financial statements for the year ending on 12/31/2022 AD, to the retained earnings.

– Voting on amending the Audit Committee’s work regulations

– Voting on amending the work regulations of the Nominations and Remuneration Committee.