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.


Hyundai hosts female Saudi drivers in Korea

Updated 24 June 2018
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Hyundai hosts female Saudi drivers in Korea

Three Saudi-based female influencers have visited Korea as part of Hyundai’s outreach to women drivers in the Kingdom, and as brand ambassadors for the carmaker.

The three women include entrepreneur and lifestyle influencer Bayan Linjawi; radio presenter, travel blogger, and fashion lover, Shadia Abdul Aziz; and business-owner and fashion career coach, Reem Faisal. 

During their tour of Korea they received detailed briefings about Hyundai and its products, and toured production, design and research facilities. 

The program gave them an understanding of the innovative and advanced thinking that underpins today’s Hyundai models, and also included opportunities to experience Korean culture and heritage.

“This is an exciting moment for women and for motoring in Saudi Arabia, and Hyundai is committed to playing an active part in this historic change,” said Hyundai’s Head of Operations for Africa and the Middle East, Mike Song. “Hyundai’s models will appeal strongly to women from all walks of life, from younger more style-conscious drivers, to those who value practicality and quality. Our brand ambassadors are part of our strategy to highlight those qualities to women as they take their place behind the steering wheel.”

Hyundai has identified design and safety as key buying factors for female drivers in Saudi Arabia, and offers these attributes in a variety of segments, including sedans and SUVs. It has identified established names including the Azera, Sonata and Tucson as key products to promote, as well as the new Kona premium compact SUV.

The brand ambassadors will use a selection of these Hyundai models as they join the first ranks of Saudi female drivers, and will share their experiences with fans and followers. 

Included in their roles will be being part of digital commercials, social media postings, and event appearances under the umbrella of Hyundai’s Saudi campaign #whatsnext.