The Savola Group EGM approves Sukuk Issuance with total value do not exceeding the company's paid-up capital
- Saudi Arabia: Thursday, December 06 - 2012 at 16:20
- PRESS RELEASE
Dr. Abdulraouf M. Mannaa declared that, the Savola Group has successfully held its EGM No (26) at Savola HQ-Saudi Business Center after satisfying the legal quorum for the EGM as per company Article of Association (AOA).
The Board shall have the power and authority to take all the necessary actions to issue these debt instruments, with 99.99 % of the total present and represented votes. 2) The EGM approved the issuance of tradable debt instruments such as Bonds or Sukuk by the Company through one or more tranches or a series of issues under one or more programs based on the times, terms and amounts determined by the Board whether within or outside the Kingdom of Saudi Arabia, provided that its total outstanding value do not exceed, at any time, the Company's paid-up capital, and to delegate to the Board the authority to issue such instruments without reverting to the GA and that the Board is entitled to take all necessary procedures and actions for the issuance of such instruments including obtaining the necessary regulatory approvals, and that the Board is authorized to delegate some or all of these powers and authorities to other person and enable them to delegate others, with 99.90% of the total present and represented votes.
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