Munawla Cargo Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Munawla Cargo Co. Announces. to its shareholders the results of the Extraordinary General Assembly meeting (first meeting) which included an increase in the company's capital, which was held at (19:30) on Wednesday On 14/05/1447 AH, corresponding to 05/11/2025 AD, at the company's headquarters located in Dammam - Al Rabie District - King Khalid Road, using modern technology - Tadawulaty services; this was after the legal quorum for the validity of the meeting was met |
| City and Location of the Extraordinary General Assembly's Meeting | The company's headquarters are located in Dammam, Al Rabie district, King Khalid Road, and this is done through modern technology (remotely) using Tadawulaty services |
| Date of the Extraordinary General Assembly's Meeting | 2025-11-05 Corresponding to 1447-05-14 |
| Time of the General Assembly’s Meeting | 19:30 |
| Percentage of Attending Shareholders | 83.24% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | 1. Mr. Khalid Mohammed Saqr Al-Suqair – Chairman of the Board
2. Mr. Ali Abdullah Mohammed Al-Habdan – Vice Chairman of the Board and Chief Executive Officer
3. Mr. Abdul Salam Khalid Mohammed Al-Suqair – Board Member
4. Mr. Abdul Rahman Mohammed Saleh Al-Musnad – Board Member
5. Mr. Abdullah Ali Abdullah Al-Habdan – Board Member |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | 1. Mr. Abdulrahman Hamad Abdullah Al-Zouman - Chairman of the Review Committee |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | - 1. Approval of the Board of Directors' recommendation to increase the company's capital by granting bonus shares to the company's shareholders as follows:
- - Capital before the increase: SAR 20,000,000 - - Capital after the increase: SAR 30,000,000 - - Percentage increase in capital: 50% - - Number of shares before the increase: 2,000,000 shares - - Number of shares after the increase: 3,000,000 shares. - Method of covering the increase: By capitalizing an amount of (10,000,000) riyals from retained earnings. - Rate of increase per share: One (1) free share will be granted to every shareholder who owns two (2) shares. - Reasons for the increase: To strengthen the strategic growth plan, meet future expansion needs and aspirations, and confirm its financial solvency and strong financial position. - - Amendment to Article (7) of the company's Articles of Association relating to (capital). - - - Amendment to Article (8) of the parent company's Articles of Association relating to (share subscription). - The entitlement date for bonus shares will be for shareholders of the company who own shares on the date of the Extraordinary General Assembly meeting and are registered in the company's shareholder register at the Securities Depository Center Company (Depository Center) at the end of the second trading day following the entitlement date. 1. - In the event of fractional shares, these will be consolidated into a single portfolio for all shareholders and sold at market price. The proceeds will then be distributed to eligible shareholders according to their respective entitlements within 30 days of determining the shares due to each shareholder. 2. 3. Approval of the amendment to the Board of Directors' Remuneration Policies and Standards, Committee Members, and Executive Management. |
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