‎ “Arab Sea” GA agrees to split nominal value of the share into ‎one riyal

Arab Sea Information Systems Company announced to shareholders the results of the extraordinary general assembly meeting (second meeting), which was held yesterday.‎

It added in a statement on Tadawul Al-Youm that due to the lack of a quorum in the first meeting, the second meeting was held an hour after the time scheduled for the first meeting, where the quorum was complete and the attendance rate (remotely) reached 30.09% of the company’s total shares. .

The company confirmed that the results of the association were as follows:

Approval of the election of members of the Board of Directors from among the candidates for the next session, which begins on 09/17/2023 AD and lasts for three years, ending on 09/16/2026 AD. The members who were elected are:

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-Mohamed Saleh Mohammed Al-Suhaibani

– Haitham bin Muhammad bin Saleh Al-Suhaibani

-Turki Nasser Suleiman Al-Dahmash

– Abdullah Muhammad Nasser Al-Hawas

– Ahmed Suleiman Muhammad Al-Jasser

– Dr. Ahmed Siraj Abdul Rahman Khoqair

– Saleh Muhammad Jaridi Al-Ajyan

-Engineer Abdulaziz Muhammad Ali Al-Khalifa

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‎2. Approval to divide the nominal value of the share according to the following:

– Nominal value of the share before adjustment: (10) riyals

– Nominal value of the share after adjustment: Riyals

– Number of shares before adjustment: 10 million shares

– Number of shares after adjustment: 100 million shares

-There is no change in capital before and after the stock split process

– Effective date: If the clause is approved, the split decision will be effective on all the company’s shareholders who own shares on the day of the extraordinary general assembly and who are registered in the company’s shareholder registry with the Securities Depository Center Company (Edaa) at the end of the second trading day. Following the date of the extraordinary general assembly in which the stock split was decided

The impact of the decision will be applied to the share price starting from the business day following the meeting, provided that the number of shares in the shareholders’ portfolios is applied at the end of the second trading day following the date of the extraordinary general assembly in which the stock split was decided.

– Amending Article (7) of the bylaws relating to the company’s capital

– Amending Article (8) of the bylaws relating to subscription to shares

1. Approval to amend the company’s bylaws in accordance with the new companies’ bylaws.