Development Works Food EGM rejects capital hike proposal

07/12/2023 Argaam
Logo ofDevelopment Works Food Co.

Logo of Development Works Food Co.

Development Works Food Co.'s shareholders rejected the board’s recommendation to increase capital through a SAR 216 million rights offering, during an extraordinary general meeting (EGM) held on Dec. 6.

 

The company said in a statement on Tadawul that the EGM refused to approve amending the company’s bylaws in accordance with the new companies’ bylaws.

 

Meanwhile, shareholders agreed to amend Article No. 7 of the company’s bylaws, related to the capital, and Article No. 8 related to subscription to shares.

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