Atlas Elevators shareholders OK reallocation of deferred IPO proceeds

07/11/2024 Argaam
Logo ofAtlas Elevators General Trading and Contracting Co.

Logo of Atlas Elevators General Trading and Contracting Co.

Atlas Elevators General Trading and Contracting Co.'s shareholders approved the board of directors’ proposal to reallocate the deferred offering proceeds, amounting to SAR 17.96 million, as per the extraordinary general meeting (EGM) decision dated Jan. 21.
 
The approval came at the ordinary general meeting (OGM), held on Nov. 6, according to a statement to Tadawul.
 
 

 

Shareholders also approved the election of board members for the upcoming four-year term, which will begin on Nov. 8, 2024, and end on Nov. 7, 2028.

 

According to data available with Argaam, Atlas Elevators’ board of directors proposed on Jan. 21 to delay the use of remaining offering proceeds worth SAR 17.96 million, related to the company’s expansion plan.

 

The funds were intended to be used as an annual deposit or in monthly/quarterly Murabaha, as per the board's decision. Shareholders subsequently approved this proposal.

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