Bawan Company announces the results of its extraordinary General Assembly meeting held at the DoubleTree by Hilton Hotel Main Hall Northern Ring Road Exit 5, Riyadh on 10-11-2015G corresponding to 28-01-1437H at 16:00 with the availability of the legal quorum approving the increase in Company's share capital. Following are the voting results of the extraordinary General Assembly agenda:
Resolution 1: Approving the Board of Directors recommendation of increasing the Company's share Capital through bonus shares as follows:
1-Increasing the company's share capital from SR. 500 million to SR. 600 million.
2-The percentage of share capital increase is 20%.
3-The number of shares before the increase is 50 million, the number of shares after the increase is 60 million.
4-The number of issued shares is 10 million.
5-One bonus share will be awarded for every 5 shares outstanding.
6-The increase in the share capital will be through capitalizing of SR. 100 million from the Retained Earnings balance as of 30-09-2015.
7-The fractions resulting from the share capital increase, if any, will be assembled in one portfolio and then sold in the stock market within a period not exceeding 30 days from the date of allocating the correct shares to eligible shareholders.
8. The shareholders eligible for the granted bonus shares are those whom are registered in the depository center securities (Tadawul) at the closing of the exchange day where the extraordinary General Assembly was held i.e. on 28-01-1437H corresponding to 10-11-2015.
The objective of the share capital increase is to support the Company current and future business growth.
Resolution 2: Approving the amendment of Article (7) and Article (8) of the company Articles of Association reflecting the approved increase in the Company's share capital during this extraordinary General Assembly meeting.
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