Saudi Industrial Services Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Saudi Industrial Services Co. are pleased to invite the honorable shareholders to participate and vote in the General Assembly Meeting (the first meeting), remotely through means of modern technology from the company’s headquarters in Jeddah. |
| City and Location of the General Assembly's Meeting | Company`s Headquarter Jeddah - via modern technology |
| URL for the Meeting Location | www.tadawulaty.com.sa |
| Date of the General Assembly's Meeting | 2023-06-15 Corresponding to 1444-11-26 |
| Time of the General Assembly's Meeting | 18:30 |
| Attendance Eligibility | In accordance with the applicable rules and regulations, every shareholder registered in the company’s shareholder register in the depository center at the end of the trading session preceding the general assembly meeting is entitled to attend the assembly meeting. |
| Quorum for Convening the General Assembly's Meeting | The General Assembly meeting shall be valid if attended by shareholders representing at least one-fourth of the Company’s capital. In the absence of a quorum required for holding the meeting, a second meeting will be held one hour after the end of the period specified for the first meeting. The second meeting shall be valid regardless of the number of shares represented. |
| General Assembly Meeting Agenda | 1. Reviewing and discussing the Board of Directors Report for the fiscal year ended 31 December 2022.
2. Reviewing and discussing the consolidated Financial Statements for the fiscal year ended 31 December 2022.
3. Voting on the External Auditors Report for the fiscal year ended 31 December 2022 after discussing it.
4. Voting to discharge the Board of Directors from their liabilities pertaining to the management of the Company for the fiscal year ended 31 December 2022.
5. Voting on the appointment of the External Auditors for the Company’s from the nominees, and determine their fees based on the Audit Committee recommendation to review and audit the Company’s Interim Financial Statements for the second, third and fourth quarters of the fiscal year 2023 and full year as well as the first quarter of the fiscal year 2024.
6. Voting to authorize the Board of Directors to distribute interim dividends to the shareholders for the financial year 2023.
7. Voting on the transactions and contracts between SISCO subsidiary Saudi Trade and Export Development Company (LogiPoint) with Xenel Industries Limited, which owns 14.69% shares in SISCO (Mr. Aamer Alireza had an indirect interest as a member of the Board of Directors of Xenel industries, and as Chairman of the Board of Directors of both SISCO and LogiPoint). The value of transaction for 2022 was SR 493,281 pertaining to cross-charge of expenses shared by the Group companies, and the transactions were conducted on general commercial terms executed without any preferential treatment. )Attached(
8. Voting on the transactions and contracts between SISCO subsidiary Red Sea Gateway Terminal Co. (RSGT) and Karam Al Arabi Catering, an affiliate of Xenel Industries Limited, which owns 14.69% shares in SISCO (Mr. Aamer Alireza has an indirect interest as a member of the Board of Directors of Xenel industries, and as Chairman of the Board of Directors of RSGT and SISCO). The value of transaction for 2022 was SR 19,001,531 and it mainly pertained to provision of meals and management of employees’ housing camps for RSGT. These transactions were conducted on general commercial terms without any preferential treatment. )Attached(
9. Voting on the transactions and contracts between SISCO subsidiary Saudi Trade and Export Development Company (LogiPoint) and Arabian Bulk Trade Company, a subsidiary of Xenel Industries Limited, which owns 14.69 % shares in SISCO (Mr. Aamer Alireza has an indirect interest as a member of the Board of Directors of Xenel industries, and as Chairman of the Board of Directors of Logipoint and SISCO and a Board member of ABT). The value of transaction for 2022 was SR 13,824 and it mainly pertained to lease of land and warehouses by LogiPoint. Those transactions are on general commercial terms executed without any preferential treatment. )Attached(
10. Voting on the transactions and contracts between SISCO associate company International Water Distribution Company (Tawzea) and Kindasa Water Service Company, a subsidiary of SISCO, where SISCO owns 65% shares in Kindasa (Mr. Talal Al Dakhil has a direct interest as a member of the Board of Directors of Tawzea and SISCO). The value of transaction for 2023 was SR 67,561,402 and it mainly pertained to sale of water by Kindasa and cross charge of expenses. Those transactions are on general commercial terms executed without any preferential treatment. )Attached(
11. Voting on the election of the Board of Directors members for the next Board term of three years starting on July 01, 2023 and ending on June 30, 2026, (CVs are attached).
12. Voting on the formation of the Audit Committee, defining its tasks, work controls, and the remuneration of its members for the new session, for three years starting on July 01, 2023 and ending on June 30, 2026, Candidates are as below (CVs attached): - Mr. Nader Muhammad Ashour - Mr. Talal Nasser AlDakhil - Mr. Hussein Hasan Eid - Eng. Yasser Asad Allaf
13. Voting on disbursing an amount of ( 3,500,410 SR ) as a reward for the members of the Board of Directors for the fiscal year ending on December 31, 2022AD.
14. Voting on the remuneration policy for Board Members, Committees and Executive Management. (Attached) |
| Proxy Form |  |
| The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right. (Mentioning the E-Voting details, if any) | Shareholders have the right to discuss the topics on the agenda of the assembly, as well as ask questions related to the agenda, Shareholders registered on the (Tadawulaty) electronic services website will be able to vote remotely on the Agenda of the General Assembly meeting, through the electronic voting service, starting from 01:00AM on Sunday 22 Dhul Qidah 1444 corresponding to 11 June 2023 until the end of the General Assembly meeting. Registration and voting in (Tadawulaty) services will be available and free for all shareholders by using the following link: www.tadawulaty.com.sa |
| Eligibility for Attendance Registration and Voting | Eligibility for Registering the Attendance of the General Assembly's Meeting Ends upon the Convenience of the General Assembly's Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes |
| Method of Communication | In the event of an inquiry, we hope to contact the Shareholders Relations Department through
Phone number: 0126619500 Email: [email protected] |
| Attached Documents | |
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