The Extraordinary General Assembly of Saudi Real Estate Projects Group (SIEG) was held on Monday, November 20, 2023, where several resolutions were passed. One of the main resolutions approved was the reduction of the company's authorized, issued, and paid-up capital from KD 2.1 million to KD 1.1 million. This reduction will be implemented by canceling 10,000,000 shares, which exceeded the company's requirements, and compensating shareholders with a payment of KD 1,000,000.
The General Assembly also granted the Board of Directors the authority to determine the schedule of share entitlements related to the capital reduction. Additionally, the disposal of any fractional shares was authorized.
Furthermore, the General Assembly approved an amendment to Article (6) of the Memorandum of Association and Article (5) of the Articles of Association. The revised capital structure sets the authorized, issued, and paid-up capital at KD 1,100,000, consisting of 11,000,000 shares, with a nominal value of 100 fils per share. It is important to note that all resolutions are subject to the approval of the relevant authorities.