MANAMA: Shareholders of United Gulf Holding Company (UGH) have approved a rights issue of 30,000,000 new ordinary shares.
A statement by the company after an extraordinary general assembly meeting yesterday said all agenda items were approved.
The meeting was chaired by independent board director Mohammad Haroon with 88.5 per cent of the company’s shareholders represented.
The launch of a pre-emptive offer to eligible existing shareholders of new ordinary shares of $0.50 each in the capital (rights issue) after obtaining all necessary regulatory approvals was approved.
Shareholders also authorised the board to take all necessary measures related to the rights issue, including, but not limited to, deciding the final capital increase amount, the number of new shares to be issued pursuant to the issue, the subscription price for each new share, the ratio of new shares to be offered per existing number of ordinary shares held and the subscription period.
The proposal of the board to increase the issued and paid up share capital up to $15,000,000 through the issue of up to 30,000,000 new ordinary shares of a nominal value of $0.50 each, got the nod.
Shareholders approved the issuance of new shares for the purpose of the rights issue pursuant to Article 125 of Law No. 21 of 2001 and the subsequent increase in the company’s issued and paid up share capital from $206,487,325.50 divided into 412,974,651 shares of a nominal value of $0.50 each up to $221,487,325.50 divided into 442,974,651 shares of a nominal value of $0.50 each.
The plan to offer new shares to existing shareholders as of the record date pursuant to Article 128 and 129 of the Commercial Companies Law and Volume 6 of the Central Bank of Bahrain Rulebook, has been accepted.
Amending the memorandum and articles of association of the company, in order to reflect the above resolutions in accordance with the Commercial Companies Law and Volume 6 of the Central Bank of Bahrain Rulebook, subject to all necessary regulatory approvals, has been approved by shareholders.
They also authorised chairman Masaud Hayat or chief executive Hussain Lalani or corporate secretary – Mohammed Al Qumaish, or any person so authorised by such persons, singly or jointly, to carry out all required formalities on behalf of the shareholders to execute the above resolutions with all authorities concerned and to sign all of the required documents, including the amended memorandum and articles of association, before the notary in Bahrain.
On behalf of the UGH board, Mr Haroon paid tribute to the government of Bahrain for its longstanding support and to the regulatory and supervisory authorities in the jurisdictions where UGH operates.
&uuid=(email))