SHB announces the results of the
Extraordinary General Assembly (EGA) of
SHB shareholders
SHB announces the results of its Extraordinary General Assembly (EGA), which
was conducted officially at 8:00 p.m on Tuesday, 24th March 2009 in the Riyadh
Chamber of Commerce & Industry. The number of attendees’ votes was
212,556,296 and this represented 80% of SHB’s total share capital. The EGA
approved all items which were listed on the meeting agenda and these were as
follows:
1. Approving the General Budget, profit & loss account for
the fiscal year ending 31st Dec 2008.
2. Approving the Board of Directors
report for the fiscal year ending 31st Dec 2008.
3. Approving the
External Auditors’ report for the fiscal year ending 31st Dec 2008.
4.
Approving the recommendation of the Board of Directors for a final net dividend
of SAR 0.75 per share to share holders who were registered in SHB’s records and
Tadawul system at the end of the trading day of Tuesday, 24th March 2009. Shares
distribution will start from April 6th 2009 through direct deposits in
investment accounts for shareholders.
5. Approving the recommendation of
the Board of Directors to increase SHB’s capital by 25% from SAR 2,646,000,000
to SAR 3,307,500,000. This will be achieved through capitalizing an amount of
SAR 661,500,000 from retained profits, and granting bonus shares of one share
for each four shares held by SHB shareholders at the end the day on which the
Extraordinary General Assembly took place. The total number of shares issued
will increase from 264,600,000 shares to 330,750,000 shares with a book value of
SAR 10.00 per share. Hence, article 6 of SHB’s Articles of Association will be
amended in due course.
6. Release of responsibility in respect of the
performance of members of the Board of Directors of the bank for the fiscal year
ending 31st Dec 2008.
7. Selecting Deloitte & Touche Bakr Abulkhair
and Co., and KPMG (Alfozan & Al Sadhan) as the Bank’s External Auditors for
the fiscal year 2009. |
