Results of The Extraordinary General Assembly Meeting Agenda for Shareholders of GAS Arabian Services Which Was Held on Tuesday,
8
thAug 2023
1. Approval of the Employee Stock Incentive Plan and to authorize the Board of Directors to determine the terms of this program, including the allocation price for each share offered to the employees if it is for a fee.
2. Approval of the Company’s shares buy-back (maximum 100,000 shares) to be allocated to the Employee Stock Incentive Plan, provided that the purchase shall be financed from the Company’s own resources. The Board of Directors will be authorized to finalize the purchase transaction within no more than twelve (12) months as of the date of the Extraordinary General Assembly resolution. Such shares shall be held for a period not exceeding ten (10) years from the date of the Extraordinary General Assembly’s approval and once period lapses, the company will follow the rules and procedures stipulated in the relevant laws and regulations, and authorize the Board to determine the terms of the plan including the allocation price for each Share offered to employees if offered for consideration.
3. Approval of the recommendation of the Board of Directors to the split of the company's shares according to the following:
- The nominal value of the share before the amendment: (10) SR.
- The nominal value of the share after the amendment: (1) SR.
- The number of shares before the amendment: 15,800,000 shares - Number of shares after amendment: 158,000,000shares
- There is no change in the company's capital before and after the stock split. The Effective Date: In the event that the clause is approved, the division resolution will be effective for all company's shareholders in the date of extraordinary general assembly meeting and who are registered in the company's shareholders register with the Securities Depository Center Company ("Edaa") at the end of the second trading day following the date The Extraordinary General Assembly that decided shares are divided. The effect of the decision will be applied to the share price starting from the working day following the assembly meeting, provided that the number of shares in shareholders' portfolios will be applied at the end of the second trading day following the date of the Extraordinary General Assembly in which it was decided to divide the shares.
- Amendment of Article (07) of the company's bylaws, which is related to the company's capital.
- Amendment of Article (08) of the company's bylaws, which is related to the subscription to shares.
4. Approval of amending the Audit Committee's Bylaws.
