MAIN DECISIONS TAKEN AT THE EXTRAORDINARY GENERAL MEETING OF NATIONAL LIFE & GENERAL INSURANCE COMPANY SAOG
We would like to inform our esteemed shareholders of the main decisions taken at the Extraordinary General Meeting of National Life & General Insurance Company SAOG (“Company”) that was held on Sunday 26th of June 2022 at 3:00 p.m at Crowne Plaza Hotel, Muscat - Sultanate of Oman and through the electronic platform for holding General Meetings which is managed by Muscat Clearing and Depository Company (“MCDC”) as per the following order:
- Approval of the Company’s proposal of acquiring 49.99998% share capital of Royal & Sun Alliance Insurance (Middle East) B.S.C (c), Bahrain shares (“Target Company”) in return for the issuance of up to a maximum of 133,374,343 new shares through private placement in the Company in exchange for the shares acquired in the Target Company, which resulted in an increase in the issued share capital of the Company from RO 26,500,000 up to a maximum of RO 39,837,435, in accordance with the terms and conditions set out in the Private Placement Prospectus (Explanatory Note) and authorizing the Company’s Board of Directors to take all necessary procedures to complete the issuance.
- Approval of the increase in the authorized share capital of the Company from RO 50,000,000/- to RO 100,000,000/- and amend the Company’s Articles of Association
- Approval of the increase in the number of seats in the Board of Directors of the Company from 7 to 11 seats and amend the Company’s Articles of Association
- Approval of the authorization to the Board of Directors of the Company to do all such acts, deeds and matters, and carry out actions/decisions which may, in the Board’s sole discretion be necessary, proper and expedient with regard to the acquisition of the Target Company, including pricing and number of new shares to be issued and that any two directors, signing jointly, shall be authorized to sign all documents, file and register any documents with any relevant authority which may, in the sole discretion of the Board, be deemed appropriate or necessary in connection with the acquisition..