Wafrah says EGM not held on lack of quorum

Wafrah for Industry and Development Co. announced that the extraordinary general meeting (EGM), scheduled for May 16, was not held due to the lack of quorum, according to a bourse filing. 

The meeting’s agenda included voting on the board’s recommendation to increase capital by 200% to SAR 231.51 million from SAR 77.17 million through offering 15.43 million rights issue shares.

Wafrah will invite another EGM after setting its date and obtaining the approval of the competent authorities. This meeting will be held regardless of the shares represented.

If shareholders agree to increase the capital, eligibility will include shareholders of record at the end of trading on the second day following the upcoming EGM.