Atlas Elevators General Trading and Contracting Company announces the results of the extraordinary general assembly meeting (first meeting)
| Element List | Explanation |
|---|---|
| Introduction | Atlas Elevators General Trading and Contracting Company announces to its shareholders the results of the extraordinary general assembly meeting (first meeting), which was held at 20:00 pm on Wednesday, 11/21/1445 AH, corresponding to 05/29/2024 AD, at the company’s main headquarters located in the city of Riyadh - Eastern Ring Road - Al-Quds District, through modern technological means (remotely) - using Tadawulati services; This is after the legal quorum is reached for the assembly to be held |
| City and Location of the General Assembly's Meeting | At the company’s main headquarters in Riyadh - Eastern Ring Road - Al-Quds District - via modern technology (remotely) - using Tadawulati services. |
| Date of the General Assembly's Meeting | 2024-05-29 Corresponding to 1445-11-21 |
| Time of the General Assembly’s Meeting | 20:00 |
| Percentage of Attending Shareholders | 60.38% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | 1. Mr. Youssef Muhammad Ali Al-Qafari - Chairman of the Board of Directors
2. Mr. Awad Bard Jaed Al-Anazi - Vice Chairman of the Board of Directors. 3. Mr. Mohsen Ali Dali Al-Zayadi - Managing Director and CEO 4. Mr. Falah Saud Obaid Al Subaie - Member of the Board of Directors 5. Mr. Abdul Rahman Muhammad Omar Al Omar - 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 | 1- Mr. Turki Hadiban Muhammad Al-Harbi - Chairman of the Audit Committee. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approval of the company’s auditor’s report for the financial year ending on December 31, 2023 AD after discussing it.
2. The Board of Directors’ report for the financial year ending on December 31, 2023 was reviewed and discussed. 3. The company’s financial statements for the fiscal year ending on December 31, 2023 were reviewed and discussed. 4. Approval to release the members of the Board of Directors from their liabilities for the year ending December 31, 2023 AD. 5. Approval of the appointment of RSM United Accountants for Professional Consultations as the company’s auditor from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the first half of the fiscal year 2024 and the annual of the fiscal year 2024 for a fee amounting to (400,000) four hundred thousand Saudi riyals. 6. Approval of authorizing the Board of Directors to distribute interim dividends to shareholders on a semi-/quarterly basis for the financial year ending on 12-31-2024 AD. 7. Approval to disburse an amount of (340,000) three hundred and forty thousand riyals as a reward to members of the Board of Directors for the fiscal year ending on 12/31/2023 AD. 8. Approval of the Board of Directors’ recommendation to distribute cash dividends in the amount of (3,000,000) three million riyals to shareholders for the financial year ending on (12/31/2023 AD) at a rate of (0.5) fifty halalas for each share and at a rate of (5%) of the capital. Eligibility will be for shareholders who own shares at the end of trading on the day of the General Assembly and who are registered in the company’s shareholder registry with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the entitlement date, and the dividends will begin to be disbursed by transferring them to the accounts linked to the eligible shareholders’ portfolios as of From Tuesday 12/05/1445 AH corresponding to 06/11/2024 AD through the payment agent - the Securities Depository Center Company (Edaa). In the event of a deposit defaulting in his account, any shareholder can contact the payment agent - the Securities Depository Center (Edaa) or Contact the company via email: [email protected] or call: 00966920000259 9. Approval of the Board of Directors’ recommendation to transfer the company’s statutory reserve balance, which amounted to (3,273,421) three million two hundred and seventy-three thousand, four hundred and twenty-one Saudi riyals, as in the financial statements ending on 12/31/2023 AD, to the retained earnings balance. 10. Approval of the business and contracts concluded between the company and Malas Restaurants Kuwait Limited, in which both the Managing Director and CEO, Mr. Mohsen Ali Al-Otaibi - and the member of the Board of Directors, Mr. Abdul Rahman Muhammad Omar Abdullah Al-Omar - have a direct interest in them as they are partners in the company, which is ( Purchases lasting one year) amounting to (17,125) riyals 11. Approval of the business and contracts concluded between the company and Malas Restaurants Kuwait Limited, in which both the Managing Director and CEO, Mr. Mohsen Ali Al-Otaibi - and the member of the Board of Directors, Mr. Abdul Rahman Muhammad Omar Abdullah Al-Omar - have a direct interest in them as they are partners in the company, which is ( Expenses on behalf of the company for one year) in the amount of (26,382) riyals 12. Approval of the business and contracts concluded between the company and the member of the Board of Directors, Mr. Falah Saud Al-Subaie - in which he has a direct interest, which is a payment to the company for a period of one year in the amount of (11,817) riyals. 13. Approval of amending the work regulations of the Audit Committee |
| Additional Information | The company would like to draw the attention of non-resident foreign investors to the fact that the cash distributions that are transferred through the resident financial intermediary are subject, upon transfer or when credited to his account, to a withholding tax of 5% in accordance with the provisions of Article (68) of the tax system and Article (63) of Its executive regulations.
The company calls on its valued shareholders to update their data and ensure that bank account numbers are linked to the investment portfolios to ensure that their profits reach them without delay. If you have any questions, please contact us via: Email: [email protected] Or contact the number: 00966920000259 |
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