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Alawwal Bank Announces the Results of the Shareholders Extra-Ordinary General Assembly Meeting (First Meeting)

Alawwal Bank 1040 1.45% 19.58 0.28

Alawwal Bank announces the results of the Extra-Ordinary General Assembly Meeting (first meeting) which was legally held on Tuesday 10-07-1439H corresponding to 27 March 2018, 6:30pm at Alawwal Bank-Al-Waha Building, AlHassan bin Ali Street, Khurais Road, Riyadh which voted on and approved the following agenda:

1.Approve the Financial Statements for the financial year ended 31 December 2017.
2.Approve the Board of Directors' Report for the financial year ended 31 December 2017.
3.Approve the External Auditors' Report for the financial year ended 31 December 2017.
4.Approve the indemnification of Board members on their performance during the financial year ended 31 December 2017.
5.Approve the remuneration paid to members of the Board of Directors for a total amount of SAR 4,263,000 for their membership as delineated in the Board of Directors' Annual Report for the period starting January 1, 2017 till December 31, 2017.
6.Appoint M/S KPMG Al-Fozan & Partners and M/S Ernst & Young as External Auditors, to review and audit the bank's financial statements for the first, second and third quarters as well as the annual financial statements for the financial year 2018 and fixing their fees.
7.Approve the amendment to Article (10) of the bank's Bylaws in regards to shares trading.
8.Approve the amendment to Article (17) of the bank's Bylaws in regards to the company's management.
9.Approve the amendment to Article (18) of the bank's Bylaws in regards to liability shares.
10.Approve the amendment to Article (26) of the bank's Bylaws in regards to the executive committee.
11.Approve the amendment to Article (36) of the bank's Bylaws in regards to invitation to general assemblies.
12.Approve the Board of Directors' recommendation to distribute a cash dividend of SAR 400.1 Million, which after deducting Zakat, will result in a net payment of SAR 0.25 per share to Saudi shareholders, representing 2.5% of the nominal share value. The income tax liability of the foreign shareholders will be deducted from their share of current and future dividend. The entitlement of cash distribution shall be for the shareholders at the day of the General Assembly and for shareholders registered in the bank's share registry at the Depository Center (SDC) at the end of the second trading day following the General Assembly.
13.Approve the business and contracts between the bank and Al-Bustan Company and authorize the same for the following year. The contract is for staff housing,executed without any special conditions or benefits. The duration of the contract shall be one year. The contract value, including VAT, is estimated to be SAR 1,783,768.35. Mrs.Lubna Sulaiman Al-Olayan-Board Member-has an indirect interest in this contract. Transactions conducted in 2017 amounted to SAR 1,762,574.
14. Approve the business and contracts between the bank and SCHINDLER OLAYAN ELEVATOR Co.Ltd. and authorize the same for the following year. The contract is for elevator maintenance, executed without any special conditions or benefits. The duration of the contract shall be one year. The contract value, including VAT, is estimated to be SAR 70,396.20. Mrs.Lubna Sulaiman Al-Olayan-Board Member-has an indirect interest in this contract.Transactions conducted in 2017 amounted to SAR 67,044.
15. Approve the business and contracts between the bank and Arabian Business Machines Company (ABM) and authorize the same for the following year. The contract is for x-ray machine maintenance, executed without any special conditions or benefits. The duration of the contract shall be one year. The contract value, including VAT, is estimated to be SAR 29,032.50. Mrs.Lubna Sulaiman Al-Olayan-Board Member- has an indirect interest in this contract. Transactions conducted in 2017 amounted to SAR 27,650.
16. Approve the business and contracts between the bank and Saudi Xerox Agencies Company (SXL) and authorize the same for the following year. The contract is for departmental printing services, executed without any special conditions or benefits. The duration of the contract shall be one year. The contract value, including VAT, is estimated to be SAR 3,061,800. Mrs.Lubna Sulaiman Al-Olayan-Board Member-has an indirect interest in this contract. Transactions conducted in 2017 amounted to SAR 2,916,000.

Total votes present and represented at the meeting including electronic votes were (902,294,428) votes, (78.94%) of the bank's total share capital.

We would like to advise our valued shareholders that dividend will be distributed starting from 23 Rajab 1439H corresponding to 09 April 2018 by depositing the dividend into the accounts linked to the investment portfolio.

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