AYYAN Investment postpones EGM due to lack of quorum

AYYAN Investment Co. said that its second extraordinary general assembly meeting (EGM) was not convened on Oct. 13, due to the lack of quorum.

The company will subsequently call for a third EGM to vote on the proposed capital increase, after setting its date and obtaining the approval of the competent authorities. The third meeting will be held regardless of the quorum.

Last month, the company invited its shareholders to vote on the board's recommendation on increasing capital by 9.4%, or SAR 69.04 million, from SAR 737.3 million to SAR 806.4 million, during an extraordinary general assembly meeting scheduled on Oct. 13, according to data compiled by Argaam.

The process will take place through issuing 6.9 million ordinary shares to acquire 26.43% shares of Al-Ahsa Medical Services Co.