Saudi Cable Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Decrease ( Third Meeting )
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Cable Company announces the results of the Extraordinary General Assembly Meeting (3rd Meeting), which was held at the Company Head Office in Jeddah, through the means of modern technology using Tadawulaty website, at 6:30 pm, on Monday, 25/07/2022 headed by the Chairman of the Board, Mr. Abdulrahman I. Alkhayal. |
| City and Location of the Extraordinary General Assembly’s Meeting | Through modern technology from the company’s main headquarters in Jeddah |
| Date of the Extraordinary General Assembly’s Meeting | 2022-07-25 Corresponding to 1443-12-26 |
| Time of the Extraordinary General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 13.88% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | Names of the Board Members who attended the meeting: – Abdulrahman I. Alkhayal (Chairman of the Board) – Noha A. Sulaimani (V. Chairman & Managing Director) – Abdulhadi A. Abulkhair (CEO) – Saleh A. Al Shathry – Azhar M. Kenji – Nael S. Fayez – Ali M. Al Attas – Khaled M. Bawazeer Apologize from the attendance is the following: -Meyassar A. Nowailati |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Names of Those Attending on their Behalf | All chairpersons of the following committees attended: Mr. Saleh Al Shathry (Chairman of the Nomination & Remuneration Committee) Mr. Ghaith R. Fayez (Chairman of the Audit Committee). |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1- Approval of the appointment of AlKharashi & Co. Certified Accountants and Auditor to certified accountants and the company’s auditor consultants from among the candidates based on the recommendation of the Audit Committee; This is for examining, reviewing and auditing the financial statements for the second, third, fourth and annual quarters of the fiscal year 2022 AD and the first quarter of the fiscal year 2023, and determining its fees. 2- Approval of the Board of Directors’ recommendation to reduce the company’s capital according to the following: – The company’s capital before the reduction: (262,311,060) Saudi riyals – The company’s capital after reduction: (66,729.060) Saudi riyals – Number of shares before the reduction: (26,231,106) shares – Number of shares after reduction: (6,672,906) shares – Reduction rate: -74.6% of the company’s capital- Reason for capital reduction: To restructure the capital and amortize (100%) of the accumulated losses as on March 31, 2022, at a value of (195.582.000) Saudi riyals – Capital reduction method: canceling (19,558,200) shares of the company’s shares, 0.7456 shares will be reduced for every 1 share – Effective date of reduction: at the end of the second trading day following the date of the Extraordinary General Assembly in which it was decided to reduce the capital – The effect of the capital reduction on the company’s obligations: there is no effect of reducing the company’s capital on its financial obligations – Amending Article (7) of the company’s articles of association related to capital – Amending Article (8) of the company’s articles of association related to subscription for shares |
| Additional Information | N/A |
