Saudi Company for Hardware Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Saudi company for Hardware (SACO) announces the results of the Ordinary General Assembly meeting (first meeting), which was held on Wednesday 18/05/2022 corresponding to 17/10/1443 at exactly 20:30 PM, the meeting was held remotely through the means of modern technology and electronic voting. |
| City and Location of the General Assembly's Meeting | Riyadh City – SACO head office - By Means of Modern Technology |
| Date of the General Assembly's Meeting | 2022-05-18 Corresponding to 1443-10-17 |
| Time of the General Assembly's Meeting | 20:30 |
| Percentage of Attending Shareholders | % 59.60683 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The meeting was attended by Board members as following:
1 - Mr. Sameer Mohammed Al-Hamidi. 2 - Mr. Haytham Mohammed Al-Hamidi. 3 - Mr. Khalid Mohammed Al-Hamidi. 4 - Mr. Sameer Omar Baeisa. 5 - Mr. Talal Mohammed Bakhsh. 6 - Mr. Bandar Khalid AL Turki.
7 - Mr. Fahad Malaeka 8 - Mr. Mohammed A Al Qatari Not attended the General Assembly meeting: Mr. Abdulrahman jawa (Chairman of 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 | The meeting was attended by the following Chairmen of the Committees:
1 – Mr. Loutfi Echhade (Chairman of the Audit Committee). |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1-Approval of the Board Report for the fiscal year ending 31st December 2021.
2-Approval of the Auditors Report for the fiscal year ending 31st December 2021. 3-Approval of the Financial Statements for the fiscal year ending 31st December 2021. 4-Approval of release Board of Directors members from liability for the fiscal year ending 31st December 2021. 5- Approval of the appointment of KPMG professional services as External Auditor of the Company from the candidates based on the recommendation of the Audit Committee to review and audit the Financial Statements of the quarter 2 & quarter 3 and yearly of the fiscal year 2022 and quarter 1 of 2023 and to determine their fees. 6- Approval of Board of Director Recommendation Non-distribution of Cash Dividends to Shareholders for The year of 2021. 7-Approval of business and contracts which will be between the company and the heirs of Abdullah Taha Bakhsh owners of Abrar International Holdings Company (a major shareholder) ), represented by the board member Mr. Talal Bakhsh (Non-Executive), Since they have an indirect interest in a lease contract for a store in Jeddah (Al-Andalus Street), from the date 28-02-2009 AD until 26-02-2025 AD, with knowing that the amount of the transaction during the year 2022 will be (2,000,000) Saudi riyals, and there are no preferential terms in this deal 8. Approval of business and contracts which will be between the company and the heirs of Abdullah Taha Bakhsh owners of Abrar International Holdings Company (a major shareholder) ), represented by the board member Mr. Talal Bakhsh ( Non-Executive ) , Since they have an indirect interest in a lease contract for a store in Jeddah , ( Al Amir Moahmmed Bin Abdul Aziz Street) Safwat Al Tahlia Center ,from the date 06-04-2017 to 31-12- 2030 , with knowing that the amount of the transaction during the year 2022 will be (1,985,000) Saudi riyals, and there are no preferential terms in this deal
9. Approval of business and contracts which will be between the company and one of the owners of Abrar International Holdings Company (a major shareholder) and the board member Mr. Talal Bakhsh ( Non-Executive ) , Since he has a direct interest in land investment contract with Telal Jeddah company from 01- 04 -2020 to 01-04-2041 with knowing that the amount of the deal during 2022 will be (6,750,000) Saudi Riyals , and there are no preferential terms in this deal 10. Approval of Distributing amount of SAR (1,800,000 ) Saudi Riyals as remuneration to the board for the fiscal year ending 12-31-2021 11. Approval of the amendment of the audit committee Charter |
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