Ash-aharqiyah Development postpones EGM

EGM was scheduled to vote on raising the company’s capital.

Riyadh – Mubasher:Ash-aharqiyah Development Company announced the non-convening of its extraordinary general assembly meeting (EGM) on Monday 20 January 2020.

It is worth noting that the EGM was scheduled to vote on raising the company’s capital.

The EGM was not held as the quorum required for each of the first and second meetings was not completed, with an attendance rate at the company's headquarters in Dammam of a little over 16%, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Therefore, the company decided to postpone the general assembly meeting and invite shareholders to a third meeting, which will be determined and announced later after obtaining the approval of market authorities.

The Saudi Capital Market Authority (CMA) recently approved Ash-Sharqiyah Development Company’s request to increase its capital from SAR 75 million to SAR 120 million.

The capital hike will be through the issuance of 4.5 million ordinary shares to acquire two real estate assets.

Source: Mubasher

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