Logo of Naseej International Trading Co.
Shareholders of Naseej International Trading Co. rejected the board’s recommendation to increase the company’s capital through a SAR 163.5 million rights issue during an extraordinary general meeting (EGM) held on Jan. 7, according to a statement to Tadawul.
During the EGM, shareholders disapproved of amending the company's Articles of Association to comply with the new Companies Law. They also rejected rearranging and renumbering the Articles of Association to match suggested amendments.
According to data available on Argaam, the company’s board of directors recommended increasing capital through a rights issue valued at SAR 163.5 million.
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Capital Hike Highlights |
|
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Current Capital |
SAR 108.97 mln |
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Number of Shares |
10.90 mln |
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Capital Hike (%) |
150% |
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Capital after Increase |
SAR 272.43 mln |
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Number of Shares after Increase |
27.24 mln |
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Reason |
Boosting the financial solvency and strategic expansion, as well as improving the financial performance, borrowing rates and costs incurred therefrom. |
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Eligibility |
Jan. 7, 2024 (Shareholders registered with Edaa on the second trading day after the EGM date) |
The EGM was previously set to be held on Dec. 10, 2023, to vote on the board’s recommendation, but it was not convened due to lack of quorum.
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