Element List | Explanation |
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Introduction | United Wire Factories Co. announces the results of the Extraordinary Sixteenth Extraordinary General Assembly (the First Meeting) which included the approval on the capital reduction of the Company, which was held at 07:30 on Wednesday 2023/08/02 through means of modern technology, with an attendance percentage of 52.8% |
City and Location of the Extraordinary General Assembly’s Meeting | Remotely through contemporary technology, using Tadawulaty system, from United Wire Factories Co Headquarters in Riyadh- Industrial City – Al Kharj RD |
Date of the Extraordinary General Assembly’s Meeting | 2023-08-02 Corresponding to 1445-01-15 |
Time of the Extraordinary General Assembly’s Meeting | 19:30 |
Percentage of Attending Shareholders | 52.8% |
Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | All the following members of the Board of Directors attended:
– Mr. Khaled Saad Abdul Rahman Al-Kanhal (Chairman of the Board of Directors – Chairman of the Executive Committee – Member of the Nominations and Remunerations Committee) – Dr. Rashid Rashid Saad bin Awain (Vice Chairman of the Board of Directors – Chairman of the Nominations and Remunerations Committee) – Mr. Khaled Mohammed Abdullah Al-Khowiter (Member of the Board of Directors – Chairman of the Audit Committee) – Mr. Youssef Abdullah Ibrahim Al Mutlaq (Board Member – Audit Committee Member – Executive Committee Member) – Mr. Abdullah Saad Abdullah Al-Dosari (Board Member – Executive Committee Member) – Mr. Turki Muhammad Fuhaid Al-Quraini (Board Member – Member of the Nominations and Remuneration Committee) – Mr. Faisal Musaed Abdul Mohsen Al Hokair (Member of the Board of Directors) |
Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Names of Those Attending on their Behalf | Mr. Khaled Saad Abdul Rahman Al-Kanhal (Chairman of the Executive Committee)
Dr. Rashid Rashid Saad Bin Awain (Chairman of the Nominations and Remunerations Committee) Mr. Khaled Mohammed Abdullah Al-Khowiter (Chairman of the Audit Committee) |
Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1- Approval the recommendation of the Board of Directors on Rabi` Al Thani 8,1444 AH corresponding to November 2, 2022 AD to reduce the company’s capital according to the following :
A- The capital before reduction is 351,000,000 SAR, and after reduction will be 280,800,000 SAR. B- Reduction Percentage: 20% of the Company’s capital. C- The number of shares before reduction is 35,100,000 shares, and after reduction will be 28,080,000 shares. D- Reduction Ratio: One (1) share for every two (5) shares. E- Reasons for Capital Reduction: The capital exceeds the Company’s need. F- Method of Capital Reduction: Writing off 7,020,000 shares and compensating the eligible shareholders with the nominal value of (10) SAR for each canceled share. G- Impact of the Capital Reduction on the Company’s Obligations: There is no material impact of the capital reduction on the Company’s financial or operating obligations, operations, or performance. The management expects the reduction to positively impact the ratios of the Company’s performance and profitability indicators. H- Funding Reduction Process: The Company will finance the capital reduction process from its own resources. I- Reduction Date: In case the Company’s shareholders, in the Extra-Ordinary General Assembly Meeting, approve on reducing the Company’s capital, the reduction resolution will be effective for all the Company’s shareholders who are registered in the Company’s Shareholders’ Register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date The approval of the extraordinary general assembly to reduce the capital. J- Amending Article No. (7) of the Company’s Articles of Associations relating to the (Share Capital of the Company). K- Amending Article No. (8) of the Company’s Articles of Associations relating to the (Subscription to Shares). 2- Approval amend the Articles of Association of the company to comply with the new Companies Law, and to rearrange the Articles of Association and their numbering to comply with the proposed amendments. |
Additional Information | The meeting was also attended by the financial advisor for the reduction process (Yaqeen Capital), as well as the auditor of the Pickertelly office, and members of the audit committee. |
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