Saudi Industrial Services Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Saudi Industrial Services Co. “SISCO” is pleased to announce the results of the Ordinary General Assembly (First Meeting) |
| City and Location of the General Assembly's Meeting | Head Office – Jeddah (through the use of Tadawulaty system) |
| Date of the General Assembly's Meeting | 2023-06-15 Corresponding to 1444-11-26 |
| Time of the General Assembly's Meeting | 18:30 |
| Percentage of Attending Shareholders | 36.04% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board members attend the meeting:
1- Mr. Aamer Abdullah Alireza (Chairman) 2- Dr. Adnan Abdulfattah Soufi (Vice chairman) 3- Eng. Saleh Ahmed Hefni (Board member) 4- Dr. Abdulaziz Abdullatif Jazzar (Board member) 5- Ms. Muneera Hejab AlDossary (Board member) 6- Mr. Talal Nasser AlDakhil (Board member) 7- Mr. Ahmed Mohammed AlRabiah (Board member) |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | Dr. Adnan Abdulfattah Soufi (Chairman of the Investment Committee)
Dr. Adbulaziz Abdulatif Jazar (Chairman of the Nomination and Remuneration Committee & on behalf of the Audit Committee Chairman) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Reviewed & discussed the Board of Directors Report for the fiscal year ended 31 December 2022.
2. Reviewed & discussed the consolidated Financial Statements for the fiscal year ended 31 December 2022.
3. Approved the External Auditors Report for the fiscal year ended 31 December 2022.
4. Approved 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. Approved the appointment of KPMG Al Fozan & Partners as External Auditors for the Company 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 quarters of the fiscal year 2023 and full year as well as the first quarter of the fiscal year 2024.
6. Approved to authorize the Board of Directors to distribute interim dividends to the shareholders for the financial year 2023.
7. Approved 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.
8. Approved 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.
9. Approved 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.
10. Approved 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 2022 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.
11. Approved 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. They are as follows:
- Mr. Aamer Abdullah Alireza - Eng . Saleh Ahmed Hefni - Eng. Rayyan Mohammed Nagadi - Ms. Muneera Hejab AlDossary - Mr. Talal Nasir AlDakhil - Mr. Ahmed Mohammed AlRabiah - Mr. Nader Mohammed Ashour
12. Approved 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, as follows: - Mr. Nader Muhammad Ashour - Mr. Talal Nasser AlDakhil - Mr. Hussein Hasan Eid - Eng. Yasser Asad Allaf
13. Approved disbursing an amount of (SR 3,500,410) as a reward for the members of the Board of Directors for the fiscal year ending on December 31, 2022AD.
14. Approved the remuneration policy for Board Members, Committees and Executive Management. |
| Additional Information | In the event of an inquiry, we hope to contact the Shareholders Relations Department through
Phone number: 0126619500 Email: [email protected] |
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