Riyadh – Mubasher: Naseej International Trading Company has invited its shareholders to attend an extraordinary general meeting (EGM) scheduled for Wednesday, 22 July 2026.
The primary agenda for the session is to deliberate and vote on the Board of Directors’ recommendation to increase the company’s capital through a rights issue.
This strategic move, valued at approximately SAR 163.46 million, is designed to restructure the company’s financial position and support its long-term operational objectives.
The meeting is set to take place at 6:30 PM at the company’s headquarters in the Jeddah Industrial Area, with provisions for shareholders to participate and vote remotely via the Tadawulaty platform.
According to the disclosure, the assembly will be considered valid if attended by shareholders representing at least 50 percent of the company’s voting shares.
Should this quorum not be met in the first session, a second meeting will be held one hour later, requiring a minimum representation of 25% of the voting shares to proceed.
The proposed capital hike aims to raise the company’s share capital from SAR 108.97 million to SAR 272.43 million. This will involve the issuance of new shares, increasing the total number of shares from 10.89 million to 27.24 million, while maintaining a nominal value of SAR 10 per share.
The company stated that the primary objectives for this capital injection are to settle outstanding financial obligations and to provide the necessary liquidity to support future growth strategies.
Furthermore, the capital increase serves as a corrective measure under Article 132 of the Companies Law, as the company seeks to address accumulated losses that have reached half of its current capital.
To complement the financial restructuring, the executive management has outlined a comprehensive plan to improve performance.
This includes reducing administrative and operating expenses, increasing sales volumes, enhancing debt collection rates, and merging certain departments to streamline internal operations.
Shareholders registered in the company’s records at the Securities Depository Center (Edaa) by the end of the trading session preceding the meeting are eligible to attend.
If the capital increase is approved, eligibility for the rights issue will be granted to shareholders owning shares on the day of the EGM and who are registered with Edaa at the end of the second trading day following the meeting.
The regulatory process for this move has been ongoing since late 2025. Naseej appointed Wasatah Capital as its financial advisor for the rights issue in October 2025 and submitted its formal application to the Capital Market Authority (CMA) in December of that year. The CMA granted its official approval for the capital increase on 18 June 2026.
In addition to the capital increase, the assembly will vote on amending Article 7 and Article 8 of the company’s Bylaws to reflect the new capital structure and shareholding details. Electronic voting for the meeting is scheduled to begin at 1:00 AM on Saturday, 18 July 2026, and will remain open until the conclusion of the assembly.
