EGM to vote on SABB Takaful rights

02/08/2009 00:00 AST

SABB Takaful has called for an Extraordinary General Meeting (EGM) on 8 August 2009. Meeting follows CMA approval of application to increase company’s capital.

The rights issue offering is being made to SABB Takaful shareholders registered with Tadawul at the close of trading on the date of the EGM. Shareholders owning 20 or more shares may attend the EGM in person or nominate another shareholder through a power of attorney.

Attendance to the EGM will be open for all eligible shareholders from 5:00 p.m. onwards at the headquarters of The Saudi British Bank, Prince Abdul-Aziz Bin Musaed Bin Jalawi Street, Riyadh. Those wishing to attend the meeting should register their names and the number of shares they own or represent on the day of the EGM between 3:30 pm and the start of the meeting.

The Capital Market Authority (CMA) gave approval on 28 June 2009, of an application to increase the companys capital through a rights issue with a total value of SAR 300 million ($80 million). Shareholders attending the EGM will vote on the increase of SABB Takafuls capital at the price recommended by the Companys Board of Directors.

The prospectus is available on the websites of CMA (www.cma.org.sa), SABB Takaful (www.sabbtakaful.com) and Aldukheil Financial Group (www.aldukheil.com.sa). Aldukheil Financial Group was appointed to act as the Financial Advisor for the Company and Lead Manager for the rights issue, while Saudi Hollandi Capital has been appointed to act as the Underwriter.

CPIFINANCIAL