Savola Group EGM approves sukuk issuance

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Updated 07 December 2012
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Savola Group EGM approves sukuk issuance

Savola Group Managing Director Abdulraouf M. Mannaa has said the group successfully held its EGM recently at Savola headquarters, after satisfying the legal quorum for the EGM as per the company’s Article of Association (AOA).
The voting results: The EGM approved the proposed amendment to the company's bylaws by amending paragraph 1 of Article 15 to read as follows: The company may issue any type of tradable debt instruments such as bonds or sukuk whether within or outside Saudi Arabia in accordance with the applicable laws and regulations, and the General Assembly (GA) has the right, pursuant to a resolution issued by it, to delegate to the board the authority to issue such debt instruments, including bonds or sukuk through one or more tranches or a series of issues under one or more programs as established by the board from time to time based on the times, terms and amounts determined by the board.
The board shall have the power and authority to take all the necessary actions to issue these debt instruments, with 99.99 percent of the total present and represented votes.
The EGM approved the issuance of tradable debt instruments such as bonds or sukuk by the company through one or more tranches or a series of issues under one or more programs based on the times, terms and amounts determined by the board whether within or outside Saudi Arabia, provided that its total outstanding value do not exceed, at any time, the company's paid-up capital, and to delegate to the board the authority to issue such instruments without reverting to the GA and that the board is entitled to take all necessary procedures and actions for the issuance of such instruments, including obtaining the necessary regulatory approvals, and that the board is authorized to delegate some or all of these powers and authorities to other persons and enable them to delegate others, with 99.90 percent of the total present and represented votes.


Saudi Arabian Airlines displays new products

Updated 24 April 2018
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Saudi Arabian Airlines displays new products

Saudi Arabian Airlines (Saudia), the Kingdom’s national carrier, is participating in the Arabian Travel Market (ATM), taking place in Dubai this week. This year marks the 25th edition of the show. Saudia has participated consistently throughout the years.
The airline has rolled out many new products and onboard amenities this year, including a new Business Class Porsche Design Men’s kit and Furla Ladies kit, as well as new children’s characters and kits.
Saudia is debuting a new exhibition stand design (9 x 30.5 meters) along with many interactive features and products on display. These include all the latest seats on static display — First Suite (first class), Business Class, and the Guest Class (economy) seats.
Also on display is a “smart model” experience, which provides a 3D interactive tour through the new Jeddah King Abdul Aziz International Airport.
Saudia is currently in the midst of a rapid transformation, fleet and network expansion program.
The airline has achieved double-digit growth in international passenger traffic, flying to 89 destinations across four continents. Saudia is receiving on average, one new aircraft every 12 days. Currently at 147, by the end of 2020 the fleet is set to reach 200 aircraft.
“Saudia looks forward to welcoming its travel retail partners, media and hospitality guests at ATM. The airline’s stand is located at ME 4310,” the airline said in a press release.
Currently in its 73rd year of operations, the airline is a member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO).
Saudia carried 30 million passengers in 2016, and was named the 2017 World’s Most Improved Airline by Skytrax, an independent global aviation industry monitor.
The airline has 11 codeshare partners including: Garuda Indonesia, China Southern Airlines, Air France, Royal Air Maroc, Alitalia, Korean Airlines, KLM, Middle East Airlines, Aeroflot, Air Europa and Oman Air.