Mobile Telecommunication Company Saudi Arabia (Zain KSA)’s announcement of the results of the Extraordinary General Assembly Meeting on which its capital reduction has been approved ( First Meeting )Sunday 11 October 2020
|Introduction||Mobile Telecommunication Company Saudi Arabia (“Zain KSA or the Company”) announces the results of the Extraordinary General Assembly Meeting for on which its capital reduction has been approved (First Meeting), upon the achievement of the statutory quorum.|
|City and Location of the Extraordinary General Assembly's Meeting||The Extraordinary General Assembly Meeting convened in the Company’s headquarter in Riyadh, during which the shareholders attended via modern technology means.|
|Date of the Extraordinary General Assembly's Meeting||2020-10-08 Corresponding to 1442-02-21|
|Time of the Extraordinary General Assembly's Meeting||18:30|
|Percentage of Attending Shareholders||57.23|
|Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees||The following Board Directors attended the meeting:
1- HH Prince Naif Bin Sultan Bin Mohammed Bin Saud Al Kabeer- Chairman
2- Raied Bin Ali Al Saif
3- Saud Bin Abdullah Al-Bawardi
4- Hisham Bin Mohammed Attar
5- Firas Oggar
While the following Board of Directors swiftly provided an early notice of their inability to attend:
1- Bader Bin Nasser Al-Kharafi
2- Ossama Michael Matta
3- Scott Marc Gegenheimer
4- Martial Caratti
|Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf||1- Raied Bin Ali Al Saif (Chairman of Audit Committee)
2- Hisham Bin Mohammed Attar (Chairman of Nomination and Remuneration Committee)
|Voting Results on the Items of the General Assembly's Meeting Agenda's||1- Approve the Board of Directors’ recommendation to reduce the Company's capital as follows:
- Capital before the reduction: five billion eight hundred and thirty-seven million two hundred ninety-one thousand seven hundred and fifty (5,837,291,750) Saudi riyals.
- The capital after the reduction: Four billion four hundred and eighty-seven million two hundred and ninety-one thousand seven hundred and fifty (4,487,291,750) Saudi riyals.
- The number of shares before the reduction: five hundred and eighty-three million seven hundred and twenty nine thousands and one hundred and seventy five shares (583,729,175).
- The number of shares after the reduction: four hundred forty -eight thousand seven hundred and twenty nine and one hundred and seventy-five shares (448,729,175).
- Pursuant to the auditor's report, the reason for capital’s reduction is to extinguish most of the Company's accumulated losses, there shall be no significant impact on the Company’s financial obligations as a result of the capital’s reduction.
- Capital reduction method: through the cancelation of one hundred and thirty-five million (135,000,000) shares (with a nominal value of 10 Saudi riyals per share) from the current company's shares.
- Date of reduction: The reduction’s resolution shall be applicable on all the shareholders as registered in the Company’s register at the Securities Depositary Center Company (Edaa) at the end of the second trading day after the Extra Ordinary General Assembly Meeting during which the capital’s reduction was resolved. .
- Amendment of Article Seven (7) of the Company’s bylaw related to the capital and shares (attached).
- Amendment of Article (8) of the Company’s bylaw related to subscribing to shares (attached).
|Attached Documents||Click Here|