jarir Marketing Co has announced that the company held its extraordinary general assembly meeting in the Prince Salman Hall Sheraton Hotel Riyadh on 27-11-2013 corresponding to 24-01-1435 at 17:30. All resolutions of the meeting are as follows:
1- Approve of the Board of directors recommend to increase the company's capital through bonus shares as following:
a. Increase the company's capital from SAR 600 Million to SAR 900 Million. With an increase by 50%.
b. The number of shares before increase 60 Million shares, the number of shares after increase 90 Million shares.
c. offering 1 bonus shares for every 2 shares owned
d. The capital increase SR 300,000,000 will be met as follows:
-An amount of SR 108,281,000 to be transferred from the Statutory Reserve, as in the financial statements for ended 31-12-2012
-An amount of SR 191,719,000 to be transferred from the Retained Earnings, as in the financial statements for ended 31-12-2012
e. 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 27-11-2013 corresponding to 24-01-1435H.
f.the company aims from increasing the capital to cope up with the recent and future expansions of Jarir branches inside and outside Saudi Arabia.
2- Approve the amendment of Article No. 7 of company bylaws regarding the company s capital to cope up with the capital increase as follows: The capital of the company has been fixed at nine Hundred Million ( SR 900,000,000 ) divided into ( 90,000,000 ) shares of equal value , with the par value of ( SR 10 ) per share all of which shall be ordinary nominal shares representing the company s capital paid at the time of conversion.
3- Approve the amendment of the part no. (1/B/3) of Article No. 16 of company bylaws regarding Release is vested in the Board and cannot be delegated to be replaced by Release is vested in the Board and they can delegate according to rules and regulations determined by the Board .
4- Approve the amendment of the part no. (5) Of Article No. 17 of company bylaws regarding that the Board minutes should be signed from all Board members to be chairman and board secretary are entitled to sign the Board minutes.
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