Naseej postpones EGM on lack of quorum

Naseej International Trading Co. announced that its extraordinary general meeting (EGM), slated for June 9, was not held due to the lack of quorum, according to a bourse statement.

The company will call for the third EGM after setting its date and obtaining the approval of the competent authorities. The third meeting will be held with the shareholders who attended the first and the second meetings.

If shareholders approve the capital cut during the third meeting, those holding shares on the EGM date will be eligible, along with shareholders registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the record date.

Shareholders were to vote on the board of directors’ recommendation to cut capital by 48.51% from SAR 211.63 million to SAR 108.97 million.