Company Announcement
Rasan Information Technology Co. calls its shareholders to attend the Extraordinary General Assembly meeting which include the Increase of the company’s capital ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Rasan Information Technology Company is pleased to invite the shareholders to participate and vote in the Extraordinary General Assembly meeting of the company that includes increasing the company’s capital (the first meeting), which is scheduled to be held through modern technology means at 19:00 in the evening of Thursday 07 Shaban 1446H corresponding to 06 February 2025. |
| City and Location of the Extraordinary General Assembly's Meeting | The company's Head Office located in Riyadh - Qurtuba District, Al-Thumama Road. Through modern technology means using Tadawulaty portal. |
| Hyperlink of the Meeting Location | Click Here |
| Date of the General Assembly's Meeting | 2025-02-06 Corresponding to 1446-08-07 |
| Time of the General Assembly’s Meeting | 19:00 |
| Methodology of Convening the General Assembly’s Meeting | Via modern technology means |
| Attendance Eligibility, Registration Eligibility, and Voting End | Shareholders who are registered in the issuer's shareholders record at the Depositary Center by the end of the trading session prior to the general assembly meeting and in accordance with the laws and regulations. The right to register a name to attend the general assembly meeting ends at the time of convening the general assembly meeting. The attendees right to vote on the items of the assembly’s agenda ends upon the end of screening the votes by the Screening Committee. |
| Quorum for Convening the General Assembly's Meeting | According to Article (31) of the company’s bylaws, the first extraordinary general assembly meeting is valid if attended by shareholders representing at least two-thirds of the company’s capital. If the quorum required to hold this meeting is not available, the second meeting will be held one hour after the end of the period specified for holding the first meeting. The second meeting will be valid if attended by a number of shareholders representing at least (a quarter) of the capital. |
| Meeting Agenda | Item 1: Voting on the recommendation of the Board of Directors to increase the company's capital by issuing 1,707,000 new ordinary shares allocated to the employee's stock option program, as follows: - Capital before increase : SAR 75,800,000 - Capital after increase : SAR 77,507,000 - Percentage of Capital increase : 2.25% - Number of shares before Capital increase : 75,800,000 - Number of shares after Capital increase : 77,507,000 - Reasons for the increase : Strengthening the company's capital base and allocating the new issued shares to establish the company's employee shares program (long-term incentive plan), which will contribute to establishing employee loyalty and achieving good growth rates in the coming years. - Nature and Value of Reserves Used in the Capitalization : The increase in the company's capital will be from SAR 75,800,000 to SAR 77,507,000 by capitalizing the amount of SAR 1,707,000 from the retained earnings. - Amendment of Article (7) of the company's bylaws regarding the company's capital in line with the change in capital. (Attached) - Amendment of Article (8) of the company's bylaws regarding the subscription of shares. (Attached) The number of shares for shareholders will not be impacted following the capital increase. The ownership percentage will be negatively impacted by 2.25% due to the issuance of the new shares. Item 2: Voting on the recommendation of the board of directors to approve the long |