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The Board of Directors of Naba AlSaha Medical Services Company announced the results of the extraordinary general assembly meeting, which included approval of a capital increase (first meeting).
1- Approval of the Board of Directors’ recommendation to increase the company’s capital by granting free shares to shareholders worth 35 million riyals, according to the following:
The nominal value of the capital before the increase: 70 million riyals
The nominal value of the capital after the increase: 105 million riyals
Total amount of capital increase: 35 million riyals
Number of shares before the increase: 70 million shares
Number of shares after the increase: 10.5 million shares
Percentage of capital increase: 50%
Number of shares granted for each share: (1) share granted for every (2) shares owned
Reasons for the increase: to support and finance the company’s new expansion projects
The value and nature of the reserves that will be used in the capitalization issue: The value of the capital increase will be financed by capitalizing part of the retained earnings balance in the amount of (35) million riyals.
Eligibility date: Eligibility will be for shareholders who own shares at the end of trading on the day of the extraordinary general assembly and who are registered in the company’s shareholder registry with the Edaa Securities Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly.
Details of how to deal with fractional shares: If there are fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the shareholders entitled to the grant, each according to their share, within a period not exceeding 30 days from the date of determining the new shares entitled to each. Contributor…
2- Approval of amending Article (21) of the company’s bylaws, which relates to the powers of the president, deputy, managing director, and secretary, by amending the text: “They have the right to sign facilities and borrowing agreements of all kinds from banks or from governmental and private financing bodies, and they have full rights.” They have the authority to do so, and they have the right to sign promissory notes and commercial papers, and they have the right to sell the shares owned by the company in other companies.”
3- Approval of amending the company’s bylaws to harmonize it with the new companies’ bylaws, and rearranging the articles of the bylaws and numbering them to be compatible with the proposed amendments.