Saudi Company for Hardware (SACO) Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )

02 May 2021 08:38 AM

SACO 4008 -0.56% 26.50 -0.15

Element List	Explanation
Introduction	Saudi company for Hardware (SACO) announces the results of the Ordinary General Assembly meeting (first meeting ), which was held on Thursday 29/04/2021 corresponding to 17/09/1442 at exactly 11:00 PM, the meeting was held remotely through the means of modern technology and electronic voting.
City and Location of the General Assembly's Meeting	Riyadh City – SACO head office - By Means of Modern Technology
Date of the General Assembly's Meeting	2021-04-29 Corresponding to 1442-09-17
Time of the General Assembly's Meeting	23:00
Percentage of Attending Shareholders	69.71918 %
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The meeting was attended by all Board members as following: 1 -Mr. Abdul Rahman Amin Jawa (Chairman). 2- Mr. Ahmed Mohammed Al Sari. 3 - Mr. Sameer Mohammed Al-Hamidi. 4 - Mr. Haytham Mohammed Al-Hamidi. 5 - Mr. Khalid Mohammed Al-Hamidi. 6 - Mr. Sameer Omar Baeisa. 7 - Mr. Talal Mohammed Bakhsh. 8 - Mr. Bandar Khalid AL Turki. 9 - Mr. Fahad Malaeka.
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf	The meeting was attended by the following Chairmen of the Committees: 1 – Mr. Ahmed Mohammed Al Sari (Chairman of The Nominations, and Remunerations Committee). 2 – Mr. Loutfi Echhade (Chairman of the Audit Committee).
Voting Results on the Items of the General Assembly's Meeting Agenda's	1- Approval of the Board Report for the fiscal year ending 31st December 2020. 2- Approval of the Auditors Report for the fiscal year ending 31st December 2020. 3- Approval of the Financial Statements for the fiscal year ending 31st December 2020. 4- Approval of release Board of Directors members from liability for the fiscal year ending 31st December 2020. 5- Approval of the appointment of PwC as External Auditor of the Company based on the recommendation of the Audit Committee to audit the Financial Statements of the quarter 2 & quarter 3 and quarter 4 of the fiscal year 2021 and quarter 1 of 2022 and to determine their fees. 6 – Approval of authorize the Board of Directors to distribute Interim dividends to shareholders (semi / quarterly ) during 2021. 7 - Approval of business and contracts which will be between the company and the heirs of Abdullah Taha Bakhsh owners of Abrar International Holdings Company (a major shareholder) ), represented by the board members Mr. Talal Bakhsh ( Non-Executive ) , and Mr. Hany Alshuwaier.( Non-Executive ), Since they have an indirect interest in a lease contract for a store in Jeddah (Al-Andalus Street), from the date 28-02-2009 G until 26-02-2025 G, with knowing that the amount of the transaction during the year 2021 will be (2,000,000) Saudi riyals. 8. Approval of business and contracts which will be between the company and the heirs of Abdullah Taha Bakhsh owners of Abrar International Holdings Company (a major shareholder) , represented by the board members Mr. Talal Bakhsh ( Non-Executive ) , and Mr. Hany Alshuwaier.( Non-Executive ), Since they have an indirect interest in a lease contract for a store in Jeddah , ( Al Amir Moahmmed Bin Abdul Aziz Street)Safwat Al Tahlia Center, from the date 06-04-2017 to 31-03- 2030 , with knowing that the amount of the transaction during the year 2021 will be (1,985,000) Saudi riyals. 9. Approval of business and contracts which will be between the company and the heirs of Abdullah Taha Bakhsh owners of Abrar International Holdings Company (a major shareholder) ), represented by the board members Mr. Talal Bakhsh ( Non-Executive ) , and Mr. Hany Alshuwaier.( Non-Executive ), Since they have an indirect interest in land investment contract from 01- 04 -2020 to 31-03-2042 with knowing that the amount of the deal during 2021 will be (2,250,000 ) Saudi Riyals. 10. Approval of distributing amount of SAR (1,800,000) Saudi Riyals as remuneration to the board members for the fiscal year ending 31-12-2020.

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