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Abdullah A.M. Al-Khodari Sons Company announces the recommendation of the Board of Directors to increase capital through the issuance of new shares for its debts.

The Board of Directors of Abdullah A.M. Al Khodari Sons Company (the Company), at its meeting held on 22/10/2017G, has recommended an increase in the Company capital through the issuance of new shares for its liabilities for the purposes of settling the amounts due and payable to the vendors and Abdullah A.M. Al Khodari Sons Investment Holding Company (major shareholder), as follows:
1-The Board has recommended a capital increase of up to SR 250 million whereby the newly issued shares are granted to the Company vendors in return for the settlement of all or part of the amounts due and payable to the vendors.
2-The Board has recommended a capital increase of up to SR 135 million whereby the newly issued shares are offered in return for settlement of outstanding amounts due and payable to Abdullah A.M. Al Khodari Sons Investment Holding Company (major shareholder).
3-The Board has authorized the executive management of the Company to negotiate with the Company vendors in order to settle all or part of the amounts due and payable to such vendors in return for their subscription in the newly issued shares.
4-The Board has authorized the executive management of the Company to negotiate with Abdullah A.M. Al Khodari Sons Investment Holding Company (major shareholder) in order to settle all of the amounts due and payable to such shareholder in return for its subscription in the newly issued shares.
This recommendation will be subject to obtaining the necessary approvals from the competent authorities and the Extraordinary General Assembly to increase the capital in return for the settlement of the Company liabilities.
The above recommendation aims to improve the Company liquidity position and leverage, improving its credit profile and hence its future outlook.

Any further future development regarding this matter will be announced in due course.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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