National Shipping Company of Saudi Arabia Board invites its shareholders to attend the Ordinary General Assembly Meeting (First Meeting) via modern technology.
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of The National Shipping Company of Saudi Arabia (Bahri) is pleased to invite its valued shareholders to participate and vote in the Ordinary General Assembly Meeting (First Meeting) via modern technology at (18:30) On Tuesday27/11/1445H corresponding to 04/06/2024. |
| City and Location of the General Assembly's Meeting | The company's headquarters in Riyadh (via modern technology provided by Tadawulaty) |
| Hyperlink of the Meeting Location | Click Here |
| Date of the General Assembly's Meeting | 2024-06-04 Corresponding to 1445-11-27 |
| Time of the General Assembly’s Meeting | 18:30 |
| Methodology of Convening the General Assembly’s Meeting | Via modern technology means |
| Attendance Eligibility, Registration Eligibility, and Voting End | Every shareholder has the right to participate and that is for the shareholders registered in the company's shareholders register at the Depository Centre (Edaa) at the end of the trading session preceding the General Assembly meeting, according to the rules and regulations. The right to register a name to attend the general assembly meeting ends at the time of convening the general assembly meeting. The attendees right to vote on the items of the assembly’s agenda ends upon the end of screening the votes by the Screening Committee. |
| Quorum for Convening the General Assembly's Meeting | The Ordinary General Meeting shall be valid only if attended by shareholders representing at least 25% of the company’s shares that have voting rights according to article (28) of the company’s bylaw.
In case of non-completion of the quorum at this meeting, a second meeting will be held after one hour of the end of the scheduled time for the first meeting. The second meeting shall be valid regardless of the number of shares represented therein. |
| General Assembly Meeting Agenda | 1. Review and discuss the report of the Board of Directors for the fiscal year ending 31 December 2023.
2. Review and discuss the consolidated financial statements for the fiscal year ending 31 December 2023.
3. Vote on the company’s auditor’s report for the financial year ending on 31/12/2023 after discussing it.
4. Voting on the discharge of the Board of Directors members for the fiscal year ending 31 December 2023.
5. Voting on the recommendation of the Audit Committee, on the appointment of the auditor, from among nominees, to audit the quarterly (Q2, Q3 and Q4) and annual financial statements for the year 2024, in addition to Q1 2025 financial statements, as well as determining their fees.
6. Voting on the payment of SAR (7,888,867) as a remuneration to Board of Directors members for the fiscal year ending 31 December 2023.
7. Voting on the recommendation of the Board of Directors to distribute cash dividends to shareholders for the year 2023, amounting to (SAR 406,054,687.50) to (738,281,250) shares at (SAR 0.55) per share representing (5.5%) of the book value per share. The dividends entitlement to shareholders who own shares and are registered in the Depository Center (Edaa) at the end of the second trading day following the date of the general assembly meeting On Tuesday 04 June 2024, the date of dividend distribution will be determined later after the company’s General Assembly approves this recommendation.
8. Voting on the Board of Directors’ recommendation to allocate 2% of annual net income as a dedicated budget to be disbursed annually from the beginning of 2024 to the sustainability program and authorize the Board of Directors to approve governance and strategy.
9. Voting on the recommendation of the board of directors to appoint Eng. Ahmed Mohammed Al-Khonaini as an independent member of the board of directors starting from 01-02-2024 until the end of the current session on 15-01-2026, in place of the resigned board member Eng. Ibrahim Qassim Albuainain (independent member). (CV attached). |
| Proxy Form |  |
| The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right | Shareholders registered in the Depository Centre (Edaa) at the end of the trading session preceding the Ordinary General Meeting has the right to attend the Meeting and as per the laws and regulations. Shareholders also have the right to discuss the topic on the assembly’s agenda and ask questions. |
| Details of the electronic voting on the Assembly’s agenda | The shareholders may remotely vote on the General Assembly Meeting’s agenda via (E-voting service) through Tadawulaty website. The remote voting will start on 31/05/2024 at (1:00) a.m. until the end of the General Assembly. Please note that registration in Tadawulaty service and voting is provided free of charge on the following link:
www.tadawulaty.com.sa |
| Method of Communication in Case of Any Enquiries | For any inquiries, please contact the Investor Rlaetions Department at:
Telephone No.: 011-4785454 ext 232 Email: [email protected] |
| Attached Documents |
Comments