December 6.. “Development Works” GA to vote on capital ‎increase by issuing priority shares

The Board of Directors of the Development Works Food Company invited shareholders to participate and vote in the extraordinary general assembly meeting (first meeting), scheduled to be held on December 6, 2023.

The company explained in a statement on Tadawul that the terms of the association are as follows:

1) Vote on the Board of Directors’ recommendation to raise the company’s capital by issuing priority shares in accordance with the following:

– The total amount of the capital increase: 216 million riyals

Through increasing its capital, the company aims to support the company’s future plans and develop and expand its activities.

– If the clause is approved, the eligibility will be for the shareholders who own the 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 (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly. .

– Amending Article No. (7) of the company’s bylaws relating to (capital).

– Amending Article No. (8) of the company’s bylaws relating to (subscription to shares).

2) Vote on the Board of Directors’ decision to appoint Hisham Abdul Rahman Al-Muqrin as an (executive) member of the Board of Directors, starting from the date of his appointment on 07/16/2023 AD to complete the Board’s session until the end of the current session on 10/29/2024 AD, succeeding the previous member. Ashry Saad Al-Ashry – Non-Executive).

3) Voting on the Board of Directors’ decision to appoint Abdulaziz Muhammad Ababtain as a member (outside the Board) of the Audit Committee, starting from the date of his appointment on 12/05/2022 AD until the end of the current committee’s term on 10/29/2024 AD. He replaced former committee member Hassan Omar Bakhmis as a member (outside the Council), provided that the appointment is effective from the date of the recommendation decision issued on 12/05/2022 AD, and this appointment comes in accordance with the work regulations of the Audit Committee.

4) Voting on the Board of Directors’ decision to appoint Dr. Omar Muhammad Al-Munaie as a member (outside the Board) of the Audit Committee, starting from the date of his appointment on 07/20/2023 AD until the end of the current committee’s term on 10/29/2024 AD. This replaces former committee member Anas Saleh Al-Amoud as a member (independent), provided that the appointment is effective from the date of the recommendation decision issued on 07/20/2023 AD, and this appointment comes in accordance with the work regulations of the Audit Committee.

5) Vote on amending the company’s bylaws in accordance with the new companies’ bylaws.