Saudi Advanced Industries Co. Announces the Results of the Ordinary General Assembly Meeting, ( Second Meeting )
- Date : 2023-06-05
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Saudi Advanced Industries Company is pleased to announce the results of the Ordinary General Assembly meeting (second meeting). Due to the lack of a quorum in the first meeting, as the quorum reached 23.11%, the second meeting was held an hour after the first at exactly 08:00 pm |
| City and Location of the General Assembly’s Meeting | At the company’s headquarters in the city of Riyadh by means of modern technology. |
| Date of the General Assembly’s Meeting | 2023-06-04 Corresponding to 1444-11-15 |
| Time of the General Assembly’s Meeting | 20:00 |
| Percentage of Attending Shareholders | %23.12 |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | The meeting was attended by the following board members:
Mr. Abdullah bin Mohammed Al-Humaidhi (Chairman of the Board of Directors) Mr. Abdul Rahman bin Nasser Al-Obeid (Vice Chairman of the Board of Directors) Dr. Abdullah bin Suleiman Al-Juraish (Managing Director) Mr. Faisal bin Abdullah Al-Mashwah (Member of the Board of Directors) Eng. Ahmed bin Abdulrahman Al-Rabeeah (Member of the Board of Directors) Mr. Fahd bin Mohammed Al-Ruwaigh (Member of the Board of Directors)
The following members of the Board of Directors were absent from attending the meeting: Mr. Yasser bin Rasheed Al-Rasheed (Member of the Board of Directors) |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | Mr. Abdul Rahman bin Nasser Al-Obaid (Chairman of the Nominations and Remunerations Committee / Chairman of the Audit Committee)
Dr. Abdullah bin Sulaiman Al-Juraish (Chairman of the Investment Committee) |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1. The report of the Board of Directors for the fiscal year ending on 12/31/2022 was reviewed and discussed.
2. The financial statements for the fiscal year ending on 12/31/2022 were reviewed and discussed. 3. Approval of the report (auditor) of the company’s accounts for the fiscal year ending on 12/31/2022 AD. 4. Approval of the absolve the members of the Board of Directors from liability for the fiscal year ending on 12/31/2022 AD. 5. Approval of appointment the auditor Ibrahim Ahmed Al-Bassam & Co. (auditor) of the company from among the candidates based on the recommendation of the Audit Committee. This is to examine, review and audit the financial statements for the (second, third and annual) quarters of the fiscal year 2023 AD and the first quarter of the fiscal year 2024 AD and determine his fees. 6. Approval the recommendation of the Board of Directors to distribute cash dividends in the amount of (30) million riyals to shareholders for the financial period ending on 12/31/2022 AD (5%) of the nominal value of the share, at the rate of (0.50) riyals per share, for (60) ) million shares, provided that the eligibility is for the shareholders who own shares at the end of trading on the day of the General Assembly convening and who are registered in the company’s shareholder register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the maturity date. Dividend distribution will start on Monday 06/19/2023. 7. Approval the decision of the Board of Directors to appoint Mr. Faisal Abdullah Al-Mashwah as an (independent) member of the Board of Directors, starting from the date of his appointment on 08/01/2023 AD to complete the session of the Board until the end date of the current session 05-30-2025 AD, to succeed the resigned member, Mr. Yazid Khaled Al-Shathri Member (non-executive). 8. Approval the decision of the Board of Directors to appoint Eng. Ahmed Abdul Rahman Al-Rabeeah as an (independent) member of the Board of Directors, starting from the date of his appointment on 08/01/2023 AD to complete the session of the Board until the end date of the current session 05-30-2025 AD, to succeed the resigned member, Mr. Badr Khaled Al-Shathri Member (non-executive). |
| Additional Information | The Board of Directors of Saudi Advanced Industries Company is pleased to thank all shareholders for their participation and attendance of the work of the Ordinary General Assembly meeting (the second meeting). |