Feb 13 2012 |
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Saudi Hotels Co. invites its shareholders to attend the extra ordinary general meeting to increase company's capital (reminder)
The Board of Directors of Saudi Hotels & Resorts Co has the pleasure to invite the shareholders to attend the Extra Ordinary General Meeting which will be held in Riyadh Marriot Hotel on 27/03/1433 H corresponding to 19/02/2012 at 04: 00, PM in which the following points will be discussed :1. The approval of the recommendation of the board of directors to increase the capital of the company from SR (690,060,970) to SR (1,000,000,000) an increase of (44.9%) by awarding bonus share for each (2.23) shares, which in turn increases the shares of the company from (69,006,097) to (100,000,000) shares.
The increase in the share capital which amounting to SR (309,939,030) will be financed as follows;
- An amount of SR (170,933,359) to be transferred from the Contractual Reserve as per the Companys financial statements at 30/06/2011.
- An amount of SR (139,005,671) to be transferred from the Retained Earnings as per the Companys financial statements at 30/06/2011.
The right shares will be awarded for each worthy shareholder and the fraction shares will be gathered in one portfolio and to be sold at market price, then its value will be distributed among the shareholders on the due date as per the quantity of the shares. However the basis of the average selling price for the share is not more than (30) days from the date of awarding the shares. This is aimed to support the strategic planning of the company to cope with the increase in its operation.
2. To approve the amendment of article (No. 6) of companys bylaws which related to the share capital so as to agree with suggested increase in the share capital that matches with the point (1) above as follows:-
The Companys Share Capital is SR (1,000,000,000) divided into (100,000,000) share with equal value amounting to SR. (10) for each.
The entitlement of the awarded shares will be only for those shareholders registered in the companys books and Tadawul system by end of the trading date of the Extra-ordinary General Meeting.
The shareholder has the right to entrust another shareholder other than a board member or a company employees to attend the meeting and to vote according to written power of attorney. The Extraordinary General Meeting will be valid if the shareholders who attend the meeting own half of the share capital, all shareholders have the right to attend the Extraordinary General Meeting.
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