The Jarir board of directors has recommended a 50 percent increase in its capital from SR600 million to SR900 million.

The recommendation is among the proposals on the agenda for its extraordinary general assembly (EGA) meeting being held in Riyadh on Nov. 27.

The company board has invited its shareholders owning 20 shares or more to attend the EGA meeting.

The meeting agenda is as follows:

1. Approval of the board of directors recommended to increase the company’s capital from SR600 millions to SR900 millions with an increase by 50 percent. There are 60 million shares before the capital increase and there will be 90 million shares after the capital increase. Shareholders will be offered 1 bonus share for every 2 shares owned.

The increase will be done through capitalization of SR300 millions from the account of the statutory reserve and retained earnings as follows:

An amount of SR108,281,000 to be transferred from the statutory reserve as per the financial statements for the year ended Dec. 31, 2012.

An amount of SR191,719,000 to be transferred from the retained earnings as per the financial statements for the year ended Dec. 31, 2012.

2. Approve the amendment of Article No. 7 of company bylaws regarding the company’s capital to cope up with the capital increase as follows:

The capital of the company has been fixed at SR900,000,000 divided into 90,000,000 shares at par value of SR10 per share, all of which will be ordinary nominal shares representing the company’s capital paid at the time of conversion.

3. Approve the amendment of the part No. 1 B 3 of Article No. 16 of company bylaws.

4. Approve the amendment of the part No. 5 of Article No. 17 of company bylaws regarding the board minutes.

The quorum required for the meeting is the presence of shareholders representing 50 percent of the company’s capital.

Each shareholder owning 20 or more shares will have the right to attend the EGA meeting whether in person or by proxy.

Such requests should be sent to the company’s headquarters located on Olaya Street in Riyadh at least 3 days before the EGA meeting.