Mazaya Real Estate Development announced the results of the Extraordinary General Assembly meeting held on 05/17/2023, where the following was approved:
The first item: Reducing the company’s capital and canceling 157,625,000 shares, equivalent to 157,625,000 Qatari riyals, or 13.61% of the total capital, so that the new capital of the company becomes 1,000,000,000 (one billion) shares, equivalent to 1,000,000,000 (one billion) Qatari riyals, by amortizing The equivalent of 157,625,000 Qatari riyals from the accumulated losses, and an amount of 39,599,645 Qatari riyals will be used from the legal reserve to extinguish the remaining losses, which amount to 39,599,645 Qatari riyals. Accordingly, the total amortized losses will be 197,224,645 Qatari riyals.
The approvals of the regulatory authorities will be obtained and the date of capital reduction will be determined at a later time.
The second item: Approving the issuance of up to 299,000,000 shares, equivalent to 29% of the capital (after completing the process of reducing the capital to 1 billion Qatari riyals) in exchange for in-kind shares through one tranche or more over the course of one year, in accordance with the rules The Qatar Financial Markets Authority and the Ministry of Commerce and Industry and the applicable regulations, provided that the nominal value of each share is one (1) Qatari riyal in addition to the issuance premium (if any), as the assembly authorizes the Board of Directors to determine the value of the bonus at the start of any transaction (the “issuance of shares”). ).
The third item: Authorizing the Chairman of the Board of Directors to issue, sign and publish the amendment to the amended Articles of Association after the approval of the Ministry of Commerce and Industry and the Extraordinary General Assembly.