‎Watani Steel shareholders approve 50% capital increase via bonus issue

‎Watani Steel shareholders approve 50% capital increase via bonus issue

Watani Iron Steel Co.’s (Watani Steel) shareholders approved increasing the company’s capital by 50% through a one-for-two bonus share distribution during the extraordinary general meeting (EGM) held on June 6, as shown below:

Shareholders also elected board members for the upcoming three-year term, starting on July 2, the company said in a statement to Tadawul.

The new board includes Abdul Karim Alrajhi, Yousef Al-Tarif, Meshaal Alrajhi, Mashari Alrajhi, Mohamed Alwasiedy and Yasser Alzoman.

Shareholders further approved all other items on the meeting’s agenda including dividend distribution policy and corporate governance.

Meanwhile, they allowed Chairman Abdul Karim Alrajhi, Vice-Chairman Meshaal Alrajhi and the board member Mashari Alrajhi to engage in competitive business.