Taiba Holding announces the approval of the Ministry of Commerce and Industry to reduce the capital of one of its subsidiaries Al-Aqeeq Real Estate Development Company

Al-Aqeeq Real Estate Development Company – Closed Joint Stock Company – Taiba Holding holds 89.899% of its capital Approval of the Ministry of Commerce and Industry to hold the Extraordinary General Meeting of the shareholders of Al-Aqeeq, which will be held on Sunday, 30/08/1432 H corresponding to 31/07/2011 At the headquarters of Al-Aqeeq Company in Medina to consider reducing the capital of Al-Aqeeq Company from SR 3,000,000,000 to SR 1.945.960.000 by canceling 105.404,000 shares of Al-Aqiq Company which currently has 300,000,000 shares. The canceled shares are equivalent to the amount to be reduced from The capital of Al-Aqiq Company, where (7) shares will be canceled for each (20) They are owned by the shareholders in the records of certified Opal Company on the Extraordinary General Assembly Meeting of the shareholders of the fourth Garnet Company, taking into account the equality of shareholders pursuant to Article 145 of the Companies. This procedure is in accordance with the above announced on the website of trading on 19/04/2011 as one of the options that the Board of Directors of Agate has sought to address the difference value of the Taiba residential and commercial center and Majidi residential and commercial between the accounting books of Taiba Holding and Al-Aqeeq, which resulted in the conversion of these centers The sale of Taiba Holding Company to Al-Aqeeq Company and recording the value of the two positions at market value in the books of Al-Aqiq on 30/09/2007 against a part of the contribution in kind of Taiba Holding Company in increasing the capital of Al-Aqeeq Company at the time. Which resulted in a difference in the value of these assets between the accounting books of Taiba Holding Company and Al-Aqeeq Company. Based on the options discussed by the Board of Directors of Al-Aqeeq Company in light of the coordination with the relevant parties to deal with this difference, It was found that reducing the capital of Al-Aqeeq company by the value difference of the two buildings in the lists of the two companies is the best option. Accordingly, Al-Aqeeq Company submitted to the Ministry of Commerce and Industry a request to reduce the capital of the agate by the increase recorded in the books of Al-Aqiq Company for the value of the two buildings amounting to SR 1.054.040.054 Sold to others at Taiba Housing Center by Al-Aqeeq Company until 31/12/2010, for the value of these assets in the books of Al-Aqeeq and Taiba Holding Company amounting to SR 779,952,709 according to the financial statements for the year ended 31/12/2010, where The Ministry of Commerce and Industry has agreed to that request as indicated at the beginning of this declaration. Accordingly, in the event of the approval of the extraordinary General Assembly of Al-Aqeeq Company, the capital of Al-Aqeeq Company shall be SR 1,945,960,000 divided into 194,596,000 shares of the same par value of SR 10 each, and ordinary shares shall be held in the same amount The total number of shares held by Taiba in the company will be 174,939,857 shares with a value of SAR 1,749,398,570. After completing the necessary procedures, the resulting effects will be processed within the accounting adjustments in the financial statements for the third quarter of Al-Ageeq and Taiba Fiscal 2011. God bless .