The Savola Group (Savola or the Company) is pleased to announce that it has successfully held its Extraordinary General Meeting (EGM) No (28) on Monday 4th of November 2013 corresponding to 1 Muharram 1435H at 4:30 PM at Savola Headquarters in Saudi Business Center, Jeddah, after satisfying the legal quorum for the EGM as per Savola Bylaws.
The EGM approved the below item of the agenda by (97.62 %) of the total present and represented votes (eligible to vote as per the regulations) including the shareholders who voted through the e-voting system, which was made available for the EGM:
-Approval of the Savola Group capital increase from SR 5,000,000,000 to SR 5,339,806,840 (an increase of 6.79%) through issuing 33,980,684 new shares in the Company to Al-Muhaidib Holding Company, in exchange for the acquisition of Al-Muhaidib Holding Company 10.0% shareholding in Savola Foods Company and 18.6% (direct and indirect) stake and shareholding in Al Azizia Panda United Company.
And therefore approve the amendment to Article (6) of the Company Article of Association to become as follows:
The Company capital is SR 5,339,806,840 (Saudi Riyals five thousand three hundred thirty-nine million eight hundred six thousand eight hundred forty) divided into 533,980,684 (Five hundred thirty three million nine hundred eighty thousand six hundred eighty four) shares having an equal nominal value of SR 10 (Saudi Riyals Ten) each, all of which are ordinary shares.
The conflicted parties in connection with the Transaction, whose names were mentioned in the disclosure document published on Savola website based on the request of the Capital Market Authority, have not participated in the voting process.
The total number of shares before effecting the capital increase was 500,000,000 and after the capital increase has been effected, the total number of shares is 533,980,684, representing an increase of 6.79%.
Savola would like to note that the execution of the capital increase will take place after the amendment of the Savola commercial registration certificate (CR) reflecting the capital increase, which is in line with the requirements outlined in the disclosure document, reviewed and approved by the Capital Market Authority and published on the Savola website.
Accordingly, Savola will announce closing of the transaction immediately after having received the amended CR from the Ministry of Commerce and Industry, and thereafter, having submitted a copy of the amended CR to the Saudi stock exchange (Tadawul) in order to deposit the additional new shares directly into the portfolio of Al-Muhaidib Holding Co.
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