Aldrees BOD Recommends Capital Raise by 33.33%

Board of Directors of Aldrees Petroleum and Transport Services Co. is pleased to invite its shareholders owning 20 shares or more to attend Extraordinary general assembly Meeting to be held in the the head office of the company in Riyadh on 05-03-2014 corresponding to 04-05-1435 at 18:30 to consider the following agenda :

1-Approval of the Board of directors recommended to increase the company's capital from SAR 300 Millions to 400 Millions with an increase by 33.33%.
a.The number of shares before increase 30 Millions shares, The number of shares after increase 40 Millions shares.
b.Offering 1 bonus shares for every 3 shares owned.
c.The increase will be doing through capitalization SAR 100 Millions from account retained earnings and statutory reserve
d.The company aimed from capital increasing to commensurate with the size of the company's business and future expansions.
The bonus shares are eligible to the shareholders who are registered in the shareholder's register in the Securities Depository Center (Tadawul) at the close of trading on the extraordinary general assembly day.
2-Approval of the amendment of Article (7) of the Articles of Association of the company in accordance with the capital increase. 
The quorum necessary for the meeting to be in session should be attended by the shareholders representing 50% of the company's capital. Each shareholder owning 20 or more shall have the right to attend the general assembly meeting whether in person or by proxy, subject to presentation of corroborating evidence or a written power of attorney endorsedby the chamber of commerce authorizing another shareholder, other than the member of the board of directors or employees of the company, to attend the general assembly meeting on their behalf and it should be sent to 0112366666 and delivered to the company prior 3 day of the meeting.
Contact details : 0112355555