Previous attempts at EGMs in February and March were met with lack of a quorum, with attendance of 11.8% and 12.4%, respectively.

The third meeting was held on Tuesday, with a window for electronic voting running from the previous Friday, and attracted attendance of 23.1%.

Shareholders, however, voted against approving the capital increase which would have seen the issuance of 472.5m new shares at SR0.50 each on a 0.75-for-1 ratio. They also voted against a number of other proposals to the company's governance including changes to byelaws relating to director authority and amendments to work regulations of the audit and remuneration and nominations committees.

Around 42.3% of rights issue proceeds were to be used to fund investment in projects in the packaging materials, car parts and food product sectors with 31.9% used to reduce borrowing costs.

The remainder would have funded investment in warehousing and storage, the renewal of commercial properties and working capital.

Expenses were expected to be around SR15m.

Having initially specialised in food and agricultural logistics Anaam has become an investment firm with a portfolio covering healthcare, real estate, industrial investments and financial services.

It reported 2023 profit of SR10.8m and revenue of SR51.2m, reversing a loss of SR31.5m in 2022 on revenue of SR28.1m a year earlier. First-quarter 2024 profit was SR4.4m off revenue of SR11.5m.

Shares fell following the EGM, trading down 3.5% on Wednesday then by 0.9% on Thursday to end the week at SR1.09. Shares remain up 19.8% year to date, however.

Wasatah Capital had been mandated to advise and underwrite the offer with Al Nefaie Investment Group as lead manager.

The company tapped equity markets in 2022 with a SR210m rights issue to fund investment in real estate, healthcare and warehousing projects.

Source: IFR