The Savola Group, a leading conglomerate in Saudi Arabia, recently held an extraordinary general meeting (EGM) which approved issuance of sukuk with total value not exceeding the company’s paid-up capital.

The EGM also voted to delegate to the Board the authority to issue such tradable debt instruments without reverting to the General Assembly (GA), said Dr Abdulraouf M Mannaa, managing director of the company.

The Board is entitled to take all necessary procedures and actions for the issuance of such instruments including obtaining the necessary regulatory approvals, he added.

The Board shall have the power and authority to take all the necessary actions to issue these debt instruments, with 99.99 per cent of the total present and represented votes.

The EGM approved that the company may issue any type of tradable debt instruments such as bonds or Sukuk whether within or outside Saudi Arabia, and the GA has the right to delegate to the Board the authority to issue such debt instruments including bonds or sukuk through one or more tranches or a series of issues under one or more programmes as established by the Board from time to time. – TradeArabia News Service