Taiba Holding Company announces the approval of the seventh ordinary general assembly of the shareholder of Al-Aqeeq Real Estate Development Company – one of its subsidiaries – to reduce the capital of the agate

Further to the announcement of Taiba Holding on Tadawul website on April 21, 2015 on the decision of the Board of Directors of Al-Aqeeq Company for Real Estate Development – a closed joint-stock company holding 89.899% of its capital – recommendation to the Extraordinary General Assembly to approve the reduction of the capital of Al-Aqeeq Company. It is worth mentioning that the holding of the Extraordinary General Meeting of the shareholders of Al-Aqiq on Wednesday, 1436/7 / 24H corresponding to 2015/5 / 13M at the headquarters of Al-Aqeeq Company in Madinah, where the Assembly unanimously agreed to reduce the capital of Al-Aqiq from SR 1,945,960,000 to SR 1,500,000,000 (44,596,000) shares out of (194,596,000) shares, which is equivalent to the amount to be reduced and the value of the canceled shares to the shareholders of the agate according to the proportion of their shares in the agate. Thus, the number of shares of the company after the reduction (150,000,000) Rialat, with good retention holding the same The share of the previous share in the ownership of the capital of the company – before the reduction of the capital of the agate, which is 89,899% -. Accordingly, Al-Aqeeq Company will complete the rest of the legal procedures resulting from the decision of the said Assembly, and reflect the results and effects thereof on the next quarterly financial statements for the period ending 30/6/2015, as mentioned in the above mentioned declaration.