Molan Approves Transfer of SAR 3.7 Million from Issuance Premium to Offset Accumulated Losses

The Board of Directors of Molan Steel Co. announced on Tuesday the results of the Extraordinary General Assembly Meeting (First Meeting), which included approval to transfer an amount of 3,716,318 Saudi riyals from the issuance premium balance of 4,701,917 to extinguish the Company’s accumulated losses of (3,716,318) riyals, which represents 13.97% of the capital, as in the preliminary financial statements ending on June 30, 2024.

The rest of the voting results were as follows:

– Approval to amend the Regulations for Policies, Standards, and Procedures for Board Membership and its Sub-committees.

– Approval to amend the Audit Committee Regulations.

– Approval of the participation of Board Member Eng. Muthanna Abdulaziz Al Raqtan in activities that compete with the company’s business.