The Savola Group is pleased to announce that it has successfully held its EGM No (26) on Wednesday 5/12/2012 corresponding to 21/01/1434H at 5:00 PM at Savola HQ-Saudi Business Center- 8th floor Jeddah, after satisfying the legal quorum for the EGM as per company Article of Association (AOA). The voting results were as follow:
1) The EGM approved the proposed amendment to the Companys by-laws by amending paragraph (1) of Article (15) to read as follows: (The Co. may issue any type of tradable debt instruments such as bonds or Sukuk whether within or outside the Kingdom of Saudi Arabia in accordance with the applicable laws and regulations, and the General Assembly (GA) has the right, pursuant to a resolution issued by it, to delegate to the Board the authority to issue such debt instruments including bonds or Sukuk through one or more tranches or a series of issues under one or more programs as established by the Board from time to time based on the times, terms and amounts determined by the Board. The Board shall have the power and authority to take all the necessary actions to issue these debt instruments, with 99.99 % of the total present and represented votes.
2) The EGM approved the issuance of tradable debt instruments such as Bonds or Sukuk by the Company through one or more tranches or a series of issues under one or more programs based on the times, terms and amounts determined by the Board whether within or outside the Kingdom of Saudi Arabia, provided that its total outstanding value do not exceed, at any time, the Companys paid-up capital, and to delegate to the Board the authority to issue such instruments without reverting to the GA and that the Board is entitled to take all necessary procedures and actions for the issuance of such instruments including obtaining the necessary regulatory approvals, and that the Board is authorized to delegate some or all of these powers and authorities to other person and enable them to delegate others, with 99.90% of the total present and represented votes.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.