The Savola Group in an extraordinary general meeting Wednesday agreed to delegate to the Board the authority to issue debt instruments including bonds or Sukuk through one or more tranches or a series of issues under one or more programs as established by the Board from time to time based on the times, terms and amounts determined by the Board, the group’s Managing Director Dr. Abdulraouf M. Mannaa said.
The company said in a statement that the “EGM approved the issuance of tradable debt instruments such as bonds or sukuk by the company through one or more tranches or a series of issues under one or more programs based on the times, terms and amounts determined by the board whether within or outside the Kingdom of Saudi Arabia, provided that its total outstanding value do not exceed, at any time, the company’s paid-up capital, and to delegate to the board the authority to issue such instruments without reverting to the GA and that the Board is entitled to take all necessary procedures and actions for the issuance of such instruments including obtaining the necessary regulatory approvals. — SG
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