Walaa Cooperative Insurance Company announces the results of the

Extraordinary General Assembly Meeting which includes the approval of its Capital Increase (Second Meeting)

  • September 18, 2022
  • Walaa Insurance
  • BOD News

  • Share News
Introduction

Walaa Cooperative Insurance Company (“Walaa”) is delighted to announce the results of its extraordinary general meeting which includes the approval of its capital increase (Second meeting) which was held on Thursday 19/02/1444H (Corresponding to 15/09/2022G).

City and Location of the General Assembly's Meeting

Algosaibi Hotel, Hamad Alqosaibi St., Al Khobar City and through modern technology.

Date of the General Assembly's Meeting

2022-09-15 Corresponding to 1444-02-19

 

Time of the General Assembly's Meeting

20:00

 

Percentage of Attending Shareholders

48.04%

 

Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees

1. Mr. Sulaiman Abdullah Al Kadi
2. Mr. Jameel Abdullah Almolhem

3. Dr. Sulaiman Abdulaziz Al Towaijiri

4. Mr. Hesham Abdullatif Al Jabr

5. Mr. Khalifah Abdullatif Al Mulhiem

6. Mr. Waleed Mohammed Jafaari

7. Mr. Hatem Fahad Balghonaim

8. Mr. Abdulaziz AlShabeebi

9. Mr. Osama Mirza Khunaizi

10. Mr. Abdultif Khalifa Almolhem

While the following director excused himself from attending:

1. Mr. Wasef Salem Aljabsheh

 

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf

1. Dr. Sulaiman Abdulaziz Al Towaijiri (Chairman of Executive Committee)
2. Mr. Jameel Abdullah AlMolhem (Chairman of Audit Committee)

3. Mr. Hatem Fahad Balghonaim (Chairman of Remuneration & Nomination Committee)

4. Mr. Khalifah Abdullatif Al Mulhiem (Chairman of Investment Committee)

5. Dr. Sulaiman Abdulaziz Al Towaijiri (Chairman of Risk Management Committee)

Voting Results on the Items of the General Assembly's Meeting Agenda's

1. The Approval of the merging of SABB Takaful Company into Walaa in accordance with the provisions of Articles (191), (192) and (193) of the Companies Law. by issuing (0.6005476176470590) new shares in Walaa against each share in SABB Takaful Company (“SABB Takaful”) (“Merger Transaction”), in accordance with the terms and conditions of the merger agreement signed between both companies on 23/07/1443H (Corresponding to 24/02/2022G) (“Merger Agreement"), including voting on the following matters related to the Merger Transaction:
a. The Approval of the terms of the Merger Agreement.

b. The Approval of the capital increase of Walaa from six hundred and forty-six million, three hundred and ninety-seven thousand and sixty Saudi Riyals (SAR 646,397,060) to eight hundred and fifty million, five hundred and eighty-three thousand, two hundred and fifty Saudi Riyals (SAR 850,583,250), in accordance with the terms and conditions of the Merger Agreement.

c. The Approval of amending Article 8 “Share Capital” in Walaa’s Bylaws. The amendment shall take place upon the effectiveness of the Merger Transaction.

d. The Approval of the authorization of Walaa’s board of directors, or any person authorized by the board of directors, to adopt any resolution or take any action as may be necessary to implement any of the above resolutions.

2. The Approval on amending the name “Saudi Arabian Monetary Authority” to “Saudi Central Bank” in Walaa’s Bylaws.

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