SAIC shelves EGM on lack of quorum

12/12/2022 Argaam
Logo ofSaudi Advanced Industries Co.

Logo of Saudi Advanced Industries Co.

Saudi Advanced Industries Co. (SAIC) announced that the extraordinary general meeting (EGM) (first and second meetings) that included the company’s capital increase was not held due to the lack of a quorum.

 

The attendance rate for the first and second meetings was 18.58% and 18.71%, respectively, the company said in a statement to Tadawul.

 

SAIC will call for the third meeting after obtaining the competent authorities’ approval, as the third meeting will be held with the attendees of the shareholders.

 

The company’s shareholders will vote on a 20% capital hike through a bonus-share distribution (one bonus share for every five shares held).

 

Additionally, shareholders will vote on the company's stock repurchase at a maximum of 2.5 million shares as treasury stocks.

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