Ash-Sharqiyah postpones EGM due to lack of quorum

Logo of Ash-Sharqiyah Development Co. 

Ash-Sharqiyah Development Co. postponed the extraordinary general meeting (EGM) scheduled on April 11 to discuss increasing capital through a SAR 225 million rights offering.  

The decision came after the first and second meetings were cancelled due to lack of quorum, the company said in a statement to Tadawul.   

The attendance rates for the first and second meetings were 18.85% and 18.89%, respectively.  

The developer will call for the third EGM after fixing its date and obtaining approvals from the competent authorities.  The third meeting will be held with the shareholders who attended the first two assemblies.  

According to the data available with Argaam, Ash-Sharqiyah had called the EGM on April 11 to vote on the board of directors’ recommendation to increase capital through a SAR 225 million rights offering.