Al-Babtain fails to hold EGM due to lack of quorum

20/08/2023 Argaam

Al-Babtain board recommends 50% capital hike via bonus issue

Logo of Al-Babtain Power and Telecommunication Co.

Al-Babtain Power and Telecommunication Co. did not hold the extraordinary general meeting (EGM) (first and second meetings) slated on Aug. 17, due to lack of quorum, according to a statement to Tadawul.

 

Shareholders were to supposed to vote on increasing capital through a 50% bonus issue, the statement added.

 

Al-Babtain will subsequently call for a third EGM after obtaining the approval of the relevant authorities.

 

In June, the board of directors recommended increasing the company’s capital by 50% through a one-for-two bonus share distribution, through capitalizing SAR 213.2 million from retained earnings, data compiled with Argaam showed.

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