Savola Group — Capital/Financing Update 2012

Oct 22, 2012

The Savola announces that its Board recommends to the EGM to approve the amendment of its AoA and to authorize the Board to approve the issuance of Sukuk and any other securities

2050 · 22/10/2012 09:14:36 · Announcement #27505 · View on Saudi Exchange

The Savola announces that its Board recommends to the EGM to approve the amendment of its AoA and to authorize the Board to approve the issuance of Sukuk and any other securities

The Savola Group announces that the Board of Directors has resolved on Sunday 21/10/2012 to call the Groups shareholders to attend the Extraordinary General Assembly on the date to be approved by the Ministry of Commerce and Industry to discuss the contemplated changes on the Companys Article of Association (AoA) by amending paragraph (1) of Article (15) pertaining to the issue of Bonds, so the Company shall have the right to issue Sukuk or any other securities, through one or more tranches or series of issues under one or more programs as established by the Company from time to time and in accordance with the terms and in the amounts decided by the Board, while granting the Board the power to take all necessary measures to issue such securities. The Board of Directors further resolved that the Extraordinary General Assembly (EGM) shall discuss the approval of the Companys issuance of Sukuk or any other securities, through one or more tranches or series of issues under one or more programs at the times, in accordance with the terms and in the amounts decided by the Board provided that the total of the those securities value shall not exceed at any time the Companys paid-up capital, and that the Board of Directors is entitled to take all necessary procedures and actions for the issuance of such securities without reverting to the General Assembly (EGM or AGM), and is authorized to empower others in some or all of the powers and authorization granted to the Board in this respect.

The company will announce the date of the Extraordinary General Assembly meeting once it has obtained the required regulatory approvals.

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