Saudi Industrial Export Co. — Capital/Financing Update 2021

Jun 30, 2021

Announcement of the Saudi Industrial Exports Company regarding the actions to be taken along with time frames after the accumulated losses reached 57.72% of the capital.

4140 · 30/06/2021 15:54:49 · Announcement #63974 · View on Saudi Exchange

Announcement of the Saudi Industrial Exports Company regarding the actions to be taken along with time frames after the accumulated losses reached 57.72% of the capital.

Element List	Explanation
Introduction	Referring to the announcement of the Saudi Industrial Exports Company dated 17-09-1442 AH | 29-04-2021, which cover annual financial statements ending 31st Dec 2020, and the accumulated losses exceeding 50% of the capital. Thus, we would point out below key information
Date of the Posting the Company's Announcement that the Accumulated Losses Thereof Reached 50% or more of its Capital on Tadawul's Website	2021-04-29 Corresponding to 1442-09-17
Date of Notifying the Board of Directors with the Accumulated Loss	2021-04-28 Corresponding to 1442-09-16
Date the Period given to the Board to Invite the Extraordinary General Assembly for A Meeting Ends as per Article 150 of the Companies Law	2021-06-28 Corresponding to 1442-11-18
The Deadline for Convening the Extraordinary General Assembly to Address the Accumulated Losses as per Article 150 of the Companies Law	2021-10-28 Corresponding to 1443-03-22
Non Convening of the Extraordinary Meeting within 45 Days from Board of Directors Knowledge of the Loses or if the Meeting was Convened but No Decision is Taken	According to Royal Order No 15016 on 16/03/1442 H, regarding the holding of perusing some clauses of the Companies’ Law issued by Royal Decree No. (M/3) on 28/01/1437 H, the paragraph No2 of article No 150 of Companies’ Law dictates that in case on non-conveying the extraordinary assemble within 180 days from the date of it came to the knowledge of board of directors regarding the accumulated losses ( which will expire 21/09/2021), or in case the general assemble not resolved the subject matter, the company will be lapsed by the force of the law.
Additional Information	The company would like to disclose that the accumulated losses during the first quarter of 2021 amounted to 40,350,499 riyals, representing 62.27% of the company’s capital, based on the company’s announcement on 06-29-2021 on the Tadawul website.

The company wish to clarify to its stakeholders that it already filed its capital raise application by 31st Dec 2020 to the Saudi Capital Market Authority (CMA), and the work is going on with the appointed financial advisor to complete the underwriting process after obtaining all necessary CMA approvals.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.