The Mediterranean and Gulf Insurance and Reinsurance Co. Invites its Shareholders to Attend the Extraordinary General Assembly Meeting for Capital Increase ( First Meeting )

2021-10-13 16:04:56

Element ListExplanation
Introduction The Board of Directors of the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) is pleased to invite its shareholders to participate and vote in the meeting of the Extraordinary General Assembly (First Meeting), which will convene On Wednesday 28./03/1443H, corresponding to 03/11 /2021D at 07:30 p.m. and shall be held via modern technology means, in line with the precautionary measures initiated by the relevant authorities to limit the spread of the emerging Coronavirus (COVID-19), and an extension of the continuous efforts of all government agencies in the Kingdom of Saudi Arabia to take the necessary preventive measures to prevent its spread.
City and Location of the Extraordinary General Assembly's Meeting Riyadh - Al-Murabba District - King Saud Street (previously Al-Ma'ather)- via modern technology means
URL for the Meeting Location www.tadawulaty.com.sa
Date of the Extraordinary General Assembly's Meeting 2021-11-03 Corresponding to 1443-03-28
Time of the Extraordinary General Assembly's Meeting 19:30
Attendance Eligibility Shareholders Registered at the Edaa Center Registry at the End of the Trading Session Preceding the General Assembly Meeting can use the Electronic attendance registration and voting using the tadawulaty system at the assembly meeting and as per the Laws and Regulations
Quorum for Convening the General Assembly's Meeting Holding of an extraordinary general assembly shall not be valid unless attended by shareholders representing at least half the company capital. If the quorum required for holding the meeting of the extraordinary general assembly is not available, the second meeting may be held after an hour from the expiration of the period specified for holding the first meeting, the second meeting shall be valid if attended by a number of shareholders representing at least (a quarter) of the capital.
Meeting Agenda 1- To vote on the Board’s recommendation to increase the company’s capital by offering the right issue shares as follows: a. The company's capital before the increase: (700,000,000) Saudi riyals. b. The company's capital after increase: 1,050,000,000 Saudi riyals. c. The increase ratio will represent 50% of the company's capital. d. The number of shares before the increase: 70,000,000 ordinary shares. e. The number of shares after the increase: 105,000,000 ordinary Shares. f. The reason for increase the capital: To support the expansion of the company's business activities and enhance the margin of solvency. g. Capital increase method: Offering and listing rights issue shares amounting to 35,000,000 ordinary shares h. The total amount of the offering: 35,000,000 ordinary shares will be offered with a nominal value of SAR (10) and an offer price of SAR (12) per share by issuing rights shares with a total offering amount of SAR 420,000,000 i. Eligibility Date: If the item is approved, eligible shareholders are those holding shares on the day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders' registry with the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the eligibility date. j. Amendment of Article (8) of the Company’s bylaw related to the capital (Attached).
Proxy Form
E-Vote Shareholders may vote electronically on the general assembly meeting’s agenda through Tadawulaty. Voting and registration in the Tadawulaty system are provided free of charge to all shareholders .Electronic voting will start on Saturday. 24/03/1443 (based on Umm Ul Qura calendar) corresponding to 30/10/2021G, at 10:00 AM and will continue until the end of the Assembly by using the following link: www.tadawulaty.com.sa
Eligibility for Attendance Registration and Voting Eligibility for Attendance Registration and Voting Ends upon the Convenience of the General Assembly is Meeting. Eligibility for Voting on the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.
Method of Communication For more information, please contact the Shareholders Relations Department by phone at the number: 0114055550 Ext (1277) during the company's official business hours, from Sunday to Thursday. Or via email to investorsrelations@medgulf.com.sa Shareholders can also participate in the deliberations of the aforementioned general assembly meeting, link below during the meeting: https://app.jameeah.com/meetings
Additional Information NA
Attached Documents