Taiba Holding announces the decision of the Board of Directors of Al-Aqeeq Real Estate Development Company, one of its subsidiary companies, to recommend the reduction of the capital of the agate

Based on the fact that Al-Aqeeq Real Estate Development Company studied the size of its capital and its needs in light of the organizational developments in the central region of Madinah on the one hand and the future directions of the agate on the other hand, on April 21, 2015, the Board of Directors of Al-Aqeeq Real Estate Development Company (89.899% of its capital) – recommendation to the Extraordinary General Assembly – which will be coordinated with the Ministry of Commerce and Industry – to approve the reduction of the capital of the company from the amount of 1,945,960,000 riyals. The capital after the reduction amount of 1,500,000,000 riyals by canceling 44,596,000 Of the 194,596,000 shares to become the number of shares of the company after the reduction of 150,000,000 shares and return the value of shares canceled to the shareholders of agate according to their share of agate in accordance with the existing regulatory and financial standards to increase the need through the application of the mechanism provided for in paragraph (3) of Article (144) The system of companies to cancel the number of shares equivalent to the amount required to reduce. Taibeh will announce the latest developments in the reduction process and it is expected that the financial impact of this process will be reflected in the results of the second quarter of 2015.