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Asharqiyah Development Company announces the results of the 40th Ordinary General Assembly Meeting (1st Meeting)

SHARQIYAH DEV 6060 20.99% 19.14 3.32

The Board of Directors of Asharqiyah Development Company is pleased to announces the results of the 40th Ordinary General Assembly Meeting (1st Meeting) which was held at in Dammam (Al Nakheel King Khalid Bin Abdul Aziz Street Clock Tower Building) at 6:30 pm on Monday 11/10/1439 H corresponding to 25/06/2018.Having achieved quorum of attending (26.78%) of the share capital voting power the extraordinary general meeting decided the following:

1/ Approve the report of the Board of Directors for the financial year ended 31/12/2017
2/ Approve on the report of the external auditor of the company for the financial year ended 31/12/2017.
3/ Approve on the Company's consolidated financial statements for the year ended 31/12/2017.
4/Approve on the selection of external auditor recommended by the Audit Committee ( Azim & Sudairy Crow Horwath) to review the quarterly and annual financial statements for the year 2018 and the first quarter for the year 2019 and determine their fees.
5/ Approve on the discharge of the Board of Directors for the financial year ended
31/12/2017.
6/ Approve on the appointment of Mr. Mohammed bin Abdullah Al-Hujailan (Independent) Member of the Board of Directors for the remainder of the current BOD session ending on 14/04/2020 instead of the resigned member Mr. Ahmed bin Nasser Al-Zara (independent) 2017 (Attached)
7/ Approve on the appointment of Eng. Abdullah bin Ouda Al-Enezi (Independent) Member of the Board of Directors for the remainder of the current BOD session ending on 14/04/2020 instead of the Vice Chairman of the Board of Directors, Mr. Adel Bin Ahmed Al-Ghamdi on 4/ 3/2018 (Attached)
8/ Approve on the appointment of Dr. Abdulaziz bin Abdulrahman Al-Shamikh (independent) as a member of the Board of Directors for the remainder of the current BOD session ending on 14/04/2020 instead of the resigned Chairman of the Board Mr. Ziyad bin Ahmed Al Rahmah (independent) on 19/3/2018 (Attached)
9/ Approve on the appointment of Dr. / Jassem bin Shaheen Al Rumaihi as a member of the Audit Committee for the remainder of the current session ending on 14/04/2020 instead of the resigned member Mr. Aziz bin Mohammed Al Qahtani as of the date of the Assembly 25/06/2018.
10/Approve on updating the Company,s corporate governance regulation.

God Bless

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