Shaker shareholders to vote on 23.44% capital cut on May 15

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co.’s (Shaker) shareholders will vote on the board's recommendation on decreasing capital by 23.44% from SAR 630 million to SAR 482.33 million, during the extraordinary general meeting (EGM) that will be held on May 15.

In a bourse statement, Shaker said the move is aimed at restructuring the company's capital to offset 23.44% of accumulated losses, which amounted to SAR 147.67 million by the end of Sept. 2021.

During the meeting, shareholders will also vote on amending bylaw articles related to the company’s capital and general assembly’s invitation, along with statutes related to the audit committee's reports.

In addition, shareholders will vote on the company’s financial statements as well as the board and auditors’ reports for 2021. They will vote on discharging the board members from liabilities for 2021.

The EGM will also see shareholders voting on the appointment and fees of an external auditor to review and audit financials for Q2 and Q3 2022, and 2022, as well as Q1 2023, along with voting on contracts concluded with relevant parties.

They will vote on electing board members for the upcoming three-year term, starting May 25, in addition to the formation of an audit committee for the same period. Audit committee candidates include Eid Faleh Al Shammary, Ahmed Zaki Al Fraih and Mohamed Abdulmohsen Algrenees.

Other agenda items include voting on the disbursement of SAR 1.4 million in board members remuneration for 2021.

The shareholders will start e-voting on the meeting agenda on May 12.