‎“Edarat” BOD recommends setting authorized capital at 50 ‎million riyals

Edarat Communications and Information Technology Company announced the recommendation of the Board of Directors to the Extraordinary General Assembly to amend the company’s bylaws in accordance with the aforementioned regulations, based on the new corporate system and the issuance of the amended corporate governance regulations from the Capital Market Authority and its executive regulations. Among the most prominent amendments are:

1- The authorized capital is set at 50 million riyals, and for clarity, the issued capital is 12.6 million riyals (fully paid).

2- Cancel the statutory reserve item from the bylaws, and transfer the entire balance of the statutory reserve to the retained earnings account, starting from the date of the extraordinary general assembly.

3- Amending the Audit Committee’s work regulations

These recommendations are subject to the approval of the extraordinary general assembly of shareholders and competent authorities.