Press releases, Reports & Disclosures for Emirates Driving Company

The Emirates Driving Company is proposing to amend its Articles of Association. The current provision states that the company's share capital is 89,786,400 UAE Dirhams, divided into 89,786,400 shares with a nominal value of one UAE Dirham each. All shares are fully paid up cash shares and are of the same class in terms of rights and obligations. The proposed provision, however, increases the share capital to 538,718,400 UAE Dirhams, divided into 1,077,436,800 shares with a nominal value of fifty UAE fils each. Again, all shares are fully paid up cash shares and are of the same class in terms of rights and obligations.

The Corporate Governance Manual's Article 40, Clauses 1 & 2, states that shareholders with the right to attend the general assembly may delegate someone else to attend and vote on their behalf. This delegation must be in writing, and the delegate cannot represent more than 5% of the company's issued capital. The delegate's authority must be approved by a notary public, the state's economic department, a licensed bank or company, or another licensed entity. The proxy form should include the shareholder's and brokerage firm's contact details. The shareholder has the freedom to issue the proxy as they see fit, as long as the signature is approved by one of the mentioned authorities.

The Board of Directors of Emirates Driving Company (PJSC) has invited its shareholders to a General Assembly meeting on 09/01/2024. The meeting will be held at the company's premises in the Musaffah Industrial Area M -28 or can be attended virtually. The agenda includes the consideration of three Special Resolutions: splitting the share nominal value, capitalizing part of the retained earnings, and amending Article No.6 of the company’s Article of Association. Shareholders attending virtually must register electronically to vote. Shareholders can delegate any person other than a board member or company employee to attend the meeting, with the stipulation that no proxy may represent more than 5% of the company's shares.

The Emirates Driving Company pjsc will have a meeting on Thursday, 21 December 2023, starting at 12:00 pm. The agenda includes the discussion of the company's 2024 budget and progress of company projects. The meeting will be led by the Chief Executive Officer, Khaled Al Shemeili. This information was disclosed by the Board of Directors of the Emirates Driving Company pjsc.

On 12th December 2023, the Board of Directors of the Emirates Driving Company - Public Joint Stock Company (PJSC) passed a resolution approving two key changes, subject to approval from the Securities & Commodities Authority and the General Assembly. The first resolution is to split the share nominal value by reducing it to fifty (50) Fills from the current value of one (1) UAE Dirham, which would increase the number of issued shares to 179,572,800 from 89,786,400. The second resolution is to capitalize part of the retained earnings amounting to AED 448,932,000 to increase the share capital.

On December 7, 2023, the Board of Directors of Emirates Driving Company PJSC announced that they will pass a written resolution on December 12, 2023. This resolution will relate to a share split and a capital increase through the capitalization of part of the retained earnings. The announcement was made by the company's CEO, Khaled Al Shemeili. A copy of the notification was also sent to the Security and Commodities Authority.