GACO postpones EGM on lack of quorum

17/09/2023 Argaam

GACO postpones EGM on lack of quorum

Logo of Al-Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) announced that the extraordinary general assembly (first and second meetings) were not held on Sept. 14.

 

The company explained in a statement on Tadawul that this was due to the lack of a quorum, as the attendance rate for the first meeting was 16.36% and the second meeting was 16.38%.

 

Accordingly, GACO decided to postpone the EGM and call for a third meeting later after obtaining the approval of the competent authorities, indicating that the third meeting will be held regardless of the number of shares represented in it.

 

According to data compiled by Argaam, shareholders were set to vote on reducing the stock's nominal value from SAR 10 to SAR 0.5 and transferring the statutory reserve of SAR 1.17 million as of Dec. 31, 2022, to the retained earnings account.

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