The Board of Directors of Al-Masane Al-Kubra Mining Company (AMAC) called on shareholders to participate and vote in the extraordinary general assembly meeting that includes the company’s capital increase, which is scheduled to be held on Tuesday, August 1, 2023.
The company said in a statement to “Tadawul Saudi Arabia” today, Monday, that the shareholders will vote on the recommendation of the Board of Directors regarding increasing the company’s capital by granting bonus shares to the company’s shareholders representing 36.36% through a capitalization of 240 million riyals from the item of share premium.
The capital will increase from 660 million riyals before the increase to 900 million riyals afterwards, through the distribution of bonus shares at the rate of one free share in exchange for 2.75 owned shares, to increase the number of shares to 90 million shares after the capital increase is paid in full by 10 riyals per share.
The General Assembly votes to amend Article Seven (7) of the company’s articles of association, related to the company’s capital and shares, to reflect the increase in capital, and to amend Article Eight (8) of the company’s articles of association, related to subscription to shares, to reflect the increase in capital.
The company aims to increase the capital to support the financial position of the company in order to achieve its strategy aimed at expansion and growth by exploiting investment opportunities in the mining sector.
In the event that the item is approved, the date of eligibility for the bonus shares will be for the company’s shareholders who own shares on the day of the extraordinary general assembly meeting and who are registered in the company’s shareholder register with the Securities Depository Center Company (Edaa Center) at the end of the second trading day following the date of the extraordinary general assembly.
In the event that there are fractional shares, they will be collected in one portfolio for all shareholders, and sold at the market price, then its value will be distributed among the shareholders eligible for the grant, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.
She stated that the shareholders who have the right to attend the assembly are those who are registered in the issuer’s shareholder register with the deposit center at the end of the trading session that precedes the meeting of the general assembly, according to the rules and regulations. Shareholders also have the right to discuss the topics on the assembly’s agenda and direct their inquiries.
The meeting of the Extraordinary General Assembly shall be valid if attended by shareholders representing at least half of the capital, and if the quorum is not available in the first meeting, the second meeting shall be held an hour after the end of the period specified for the first meeting. In all cases, the second meeting shall be valid if attended by a number of shareholders representing at least a quarter of the capital.
