Al Ahlia for Cooperative Insurance announces the results of its Extraordinary General Assembly (Third Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Al-Ahlia for Cooperative Insurance (“Al Ahlia”) announces the results of its Extraordinary General Assembly (third meeting) dated 13/06/1440H, corresponding to 18/02/2019, Marriot Hotel, Riyadh City, Makarem Meeting Room Complex, Wazarat District - King Saud Road, Kingdom of Saudi Arabia, following the presence of the quorum necessary for the third meeting, the presence percentage for the third meeting reached (29.93%), therefore, the third meeting was held and all meeting items were not approved. |
| City and Location of the General Meeting | Marriot Hotel, Riyadh City, Makarem Meeting Room Complex, Wazarat District - King Saud Road, Kingdom of Saudi Arabia |
| Date of the General Meeting | 2019-02-18 Corresponding to 1440-06-13 |
| Time of the General Meeting | 20:30 |
| Percentage of Attending Shareholders | 29.93 % |
| Voting Results on the Agenda | - Item I: Not to approve the offer presented by Gulf Union in respect of the merger with Al Ahlia , through a full acquisition of the shares of Al Ahlia by way of security swap offers (merger) pursuant to articles 190-193 of the Companies Law issued by virtue of the Royal Decree No. M3/dated 28/1/1437H (corresponding to 10/11/2015G) in return for the issuance of one new share in Gulf Union for each 1.740357 shares in Al Ahlia (attached). - Item II: Not to approve the authorisation of the Board of Directors, or any person so authorised by the Board of Directors, to adopt any resolution or take any action as may be necessary to implement the above resolution (Item I). |
| Additional Information | Names of Present Board Members: - Mr. / Mesheal Ibrahim Al-Shayea - Dr. / Yasser Alharbi - Mr. / Bassam Salem Darweesh - Mr. / Ahmed Ismail Al Hawari - Mr. / Medhat Ahmed Abdelghani Names of Absent Board Members: - His Royal Highness Prince / Muhammad Bin Bandar Bin Abdulaziz AlSaud - His Highness Prince / Abdullah Bin Naif AlSaud - Sheikh / Omar Bin Saleh Babker - Mr. / Ahmed Suliman Al Mizaini - Mr. / Muhammad Najeeb Nasser - Sheikh / Ali Bin Haif Alqahtani Names of Present Heads of Committees or their Representatives from Among Members: - Dr. / Yasser Alharbi - Head of Investment Committee - Mr. / Ahmed Ismail Al Hawari - Head of Risk Management Committee - Mr. / Mesheal Ibrahim Alshayea - Deputy of the Head of the Executive Committee - Mr. / Bassam Salem Darweesh - Deputy of the Head of the Nomination and Remuneration Committee - Mr. / Essam Al Segair - Deputy of the Head of the Audit Committee Further information Financial Impact on the Company/Capital: - There is no financial impact on the Company’s Capital as a result of the extraordinary General Assembly rejection of the offer presented by the Gulf Union in respect of merger with Al Ahlia. - Al Ahlia will announce, on Tadawul website, any developments that shall be made public, once they occur. |
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