| Element List | Explanation |
|---|---|
| Introduction | Tabuk Agricultural Development Company announces the results of the Extraordinary General Assembly Meeting, including the capital reduction (Third Meeting), which was held at 6:30 PM on Sunday, 27 September 2026 (corresponding to 16 Rabii AlAlkher 1448H), physically and through modern means of communication via Tadawulati platform.
The meeting attendance represented 19.50% of the Company’s share capital in accordance with the Company’s Articles of Association. It is noted that the legal quorum required for this meeting, as per the Articles, is the attendance of the shareholders present, regardless of the percentage represented. |
| City and Location of the Extraordinary General Assembly's Meeting | In presence at the guest house at the company's project in Tabuk City - Halat Ammar Road,
Also, via modern technology. |
| Date of the Extraordinary General Assembly's Meeting | 2026-09-27 Corresponding to 1448-04-16 |
| Time of the Extraordinary General Assembly's Meeting | 18:30 |
| Percentage of Attending Shareholders | 19.50% |
| Assembly's Meeting and Names of the Absentees | The following members of the Board of Directors attended the meeting:
1. Eng. Nasser Dhaifallah Naqa Al-Rahili – Chairman of the Board. 2. Eng. Matar Ali Ahmed Al-Zahrani – Vice Chairman of the Board. 3. Mr. Abdullah Hamoud Al-Salhi – Board Member. 4. Mr. Badr Abdullah Saleh Al-Hanaki – Board Member. 5. Eng. Waleed Mohammed Saleh Ali – Board Member. 6. Eng. Abdullah Yousef Abdullah Al-Yousef – Board Member. 7. Ms. Wasmiah Wasmi Alkulaib – Board Member. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | 1. Eng. Nasser Dhaifallah Naqa Al-Rahili:
• Chairman of the Executive Committee. • Chairman of the Strategy and Investment Committee. 2. Mr. Badr Abdullah Saleh Al-Hanaki: • Chairman of the Audit Committee. 3. Eng. Waleed Mohammed Saleh Ali: • Chairman of the Nominations and Remuneration Committee. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's (Including a detailed breakdown for each resolution, of the percentage of votes cast in approval, non-approval, and abstentions) | Approval of the Board of Directors’ recommendation to reduce the Company’s capital as follows:
• Share capital before reduction: SAR 391,767,000 • Share capital after reduction: SAR 76,524,600 • Capital reduction percentage: 80.47% • Number of shares before reduction: 39,176,700 shares • Number of shares after reduction: 7,652,460 shares • Reason for the capital reduction: To restructure the company’s capital in order to offset accumulated losses. • Method of capital reduction: By cancelling 31,524,240 shares of the company’s shares; one (1) share will be cancelled for every 1.24 shares owned. • Effective date of the reduction: The capital reduction resolution would be effective for the Company’s shareholders who own shares on the date of the Extraordinary General Assembly Meeting and 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 of the Extraordinary General Assembly Meeting at which the capital reduction is resolved. • Impact of the capital reduction on the company’s obligations: The capital reduction will have no impact on the company’s financial obligations, operations, financial performance, or regulatory status. • Amendment of Article (7) of the Company’s Bylaws relating to the capital. • Amendment of Article (8) of the Company’s Bylaws relating to subscription to the capital.
The voting percentages on the item were as follows: • Votes in favor: 87.90% • Votes against: 11.65% • Abstentions: 0.45% |
| Additional Information | In accordance with Article (29) of the Company’s Articles of Association: “The third meeting shall be valid regardless of the number of shares represented |
