Z7_K8M0I8402PTU806OF5GPF03SV3

RIYADH STEEL

01 July, 2024 09:19

Riyadh Steel Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )

Element ListExplanation
Introduction Riyadh Steel Company announces the results of the Extraordinary General Assembly Meeting (First Meeting), which was held at 7:00 pm Sunday 24/12/1445 AH corresponding to 30/06/2024 AD through modern technology, after the completion of the quorum for the validity of the extraordinary general assembly meeting according to the company articles of association.
City and Location of the Extraordinary General Assembly's Meeting Remotely using modern technology - Riyadh city.
Date of the Extraordinary General Assembly's Meeting 2024-06-30 Corresponding to 1445-12-24
Time of the General Assembly’s Meeting 19:00
Percentage of Attending Shareholders 79.65%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The Extraordinary General Assembly Meeting was attended by all the following members of the Board of Directors: Mr. Tarik Bin Abdul Rehman Alghannam - Chairman of Board of Directors. Mr. Maan Bin Hamad Aljasser - Vice Chairman of the Boad of Directors. Mr. Abdulkarim Bin Ibrahim Alnafie - Board Member. Mr. Mohammed Bin Abdullah Alsaif - Board Member. Mr. Khalid Bin Hamad Yahya Alyahya - Board Member. Mr. Ahmed Bin Abdulkarim Alnafie - Board Member and CEO. The following member of the Board of Directors was absent from the meeting: Mr. Sultan Tawfiq Ahmed Alqaseer – Board Member.
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf The Extraordinary General Assembly Meeting was attended by the following on behalf of the Board of Directors: Mr. Adel Bin Mohammad Alosaimi (Chairman of the Audit Committee).
Voting Results on the Items of the General Assembly's Meeting Agenda's 1- Reviewed and discussed the Board of Directors' report for the financial year ended 31st December 2023. 2- Discussion and approval of the auditor's report for the financial year ended 31st December 2023. 3- Reviewed and discussed the company's financial statements for the financial year ended 31st December 2023. 4- The Board of Directors were authorized to distribute interim dividends on a quarterly or biannual basis for the year 2024. 5- Approval of the appointment of RSM Allied Accountants Professional Services Co. as the company’s auditor from among the candidates based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for the second quarter, third quarter, and annual financials for the year 2024, as well as the first quarter of the financial year 2025, and determine its fees in the amount and capacity of SAR 320,000. 6- Approval of the absolution of the Board of Directors from liability for the financial year ended 31st December 2023. 7- Approval of the recommendation of the Board of Directors regarding the increase of the company's capital by granting bonus shares to the company's shareholders in accordance with the following: - The capital before the increase is SAR 50,000,000, the capital after the increase is SAR 70,000,000. - The capital will increase by 40%. - The number of shares before the increase 5,000,000 and after the increase 7,000,000. - The reason for the increase is that it encompasses the companies' objectives to support the financial position and future growth plans. - Number of shares granted: four shares for every ten shares owned by shareholders. - The nature and value of reserves to be utilized in the capitalization issuance: Only SAR 20,000,000 of retained earnings will be capitalized. - If the item is approved, the eligibility date for bonus shares will be for shareholders of the company who possess shares on the day of the extraordinary general assembly and are listed in the company's shareholders register at the Securities Depository Center Company (Edaa) by the end of the second trading day following the maturity date. In the case of fractional shares, they will be consolidated into a single portfolio for all shareholders, sold at market price, and subsequently distributed to entitled shareholders based on their respective holdings within a timeframe not exceeding 30 days from the date of allocation of shares to each shareholder. - Approval of the amendment of Article (Seven) of the Company's Articles of Association related to the capital. - Approval of the amendment of Article (Eighth) of the Company's Articles of Association related to the subscription of shares. 8- Approval of transferring the balance of the statutory reserve of SAR (5,651,367) as the financial statements for the year ended 31st December 2023 to the retained earning balance. 9- Approval on the amendment of Article (Twenty-two) of the Company's Articles of Association, related to (the powers of the President, Vice President, CEO and Secretary). 10- Approval of the amendment of the Company's Articles of Association to comply with the new Companies Law and rearrangement and numbering the articles of the Articles of Association in accordance with the proposed amendments. 11- Approval of the amendment of Article (Three) of the Company's Articles of Association, related to (Company Purposes).
Additional Information N/A

Other Announcements

KEIR
2025-08-28

Keir International Co. announces the opening of the nomination period for the board of director’s membership

Read More
ALRASHEED
2025-08-28

Mohammed Hadi Al Rasheed and Partners Co. announces its Interim Financial results for the period ending on 2025-06-30 ( Six Months )

Read More
TAM DEVELOPMENT
2025-08-28

Correction announcement from TAM Development Company regarding correcting net profit for the current period and comparing it to the similar period last year

Read More
Z7_K8M0I84021EV8060AAR40C00B7