Naqi refuses to split share nominal value from SAR 10 to 10 halalas

Naqi Water Company announced on Thursday the results of the Extraordinary General Meeting, held at 6:30 pm on Wednesday, October 18, 2023.

Voting Results:

1- The amendment of the company’s Articles of Association has been approved in line with the new companies’ law.

2- Operations and contracts that shall be executed between the company and the Middle East Factory for Machines Co Ltd were approved, in which the member of the Board of Directors, Mr. Zaid Ratib Al-Nazer, has an indirect interest, which is the purchase of supplies and spare parts for production lines. The value of transactions during 2022 amounted to SAR 7,076,653/-, which are transactions carried out in the normal course of business and in accordance with prevailing commercial terms and without any preferential terms

3- Operations and contracts that shall be established between the company and Saqa Group United Co (a company owns 35% of the shares of NAQI Company), were approved, in which the member of the Board of Directors, Mr. Mustafa Hasaballah Al-Hufi, has an indirect interest, which is to purchase raw materials for production inputs. The value of transactions during 2022 amounted to SAR 88,542,171/-, which are transactions that established in the course of normal business and in accordance with the prevailing commercial conditions and without any preferential conditions.

4- the division of company’s shares was not approved according to the following were refused:

• Nominal value of the share before the amendment SAR (10)

• Nominal value of the share after amendment (0,10) (halalas10) SAR

• Number of Shares Before amendment 20,000,000 Shares

• Number of Shares after amendment 2,000,000,000 Shares

(No change to be made in the company’s capital before or after the stock split process)

In case of approvment the partition resolution shall be effective on all shareholders of the company owning the shares on the day of the extraordinary general meeting registered in the register of shareholders of the company with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general meeting in which it was decided to divide the shares. The effect of the resolution shall be applied to the share price starting from the business day following the convening of 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 meeting in which the division of shares was decided.

– The amendment of Article (7) of the company’s Articles of Association related to the company’s capital was not approved.

– it was not approved the amendment of Article (8) of the company’s Articles of Association related to subscribing to shares was not approved.

5- Amendment of Article (3) of the company’s Articles of Association related to the company’s purposes was approved.