Dar Alarkan Real Estate Development Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Dar Alarkan Real Estate Development Company announces the results of the Ordinary General Assembly meeting (the first meeting), which was held at 19:30 on Monday 18-11-1442H corresponding to 28-06-2021G at the company’s headquarters in Riyadh via virtual mean and online attendance, after the quorum was completed. |
| City and Location of the General Assembly's Meeting | The company's headquarters in Riyadh, where the meeting was held remotely through virtual mean and online attendance, in order to protect the safety of the shareholders and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the emerging Corona virus (COVID-19), and as an extension of the continuous efforts made by all parties, and the government in the Kingdom of Saudi Arabia to take the necessary preventive measures to prevent its spread. |
| Date of the General Assembly's Meeting | 2021-06-28 Corresponding to 1442-11-18 |
| Time of the General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 35.01386% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board members attended the meeting:
1- Yousuf Abdullah Al Shelash (Chairman of the Board of Directors, Chairman of the Executive Committee, member of the Remuneration and Nominations Committee). 2- Dr. Abdulaziz Ibrahim Mohammed Al Mana (Chairman of the Remuneration and Nominations Committee) 3- Tariq Mohamed Al Jarallah (Chairman of the Audit Committee, member of the Executive Committee) The following members of the Board of Directors did not attend the meeting: 1- Ahmed Mohammed Othman Al Dahash (member of the Audit Committee). 2- Majed Abdul Rahman Al Qasim (Vice Chairman of the Board of Directors, member of the Executive Committee, member of the Remuneration and Nominations Committee, member of the Audit Committee). 3- Hathloul Saleh Al Hathloul (member of the Audit Committee). |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1- Yousuf Abdullah Al Shelash (Chairman of the Executive Committee).
2- Dr. Abdulaziz Ibrahim Mohammed Al Mana (Chairman of the Remuneration and Nominations Committee) 3- Tariq Mohamed Al Jarallah (Chairman of the Audit Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approval of the Board of Directors' report for the fiscal year ending on 31/12/2020 G.
2. Approval of the auditor/s report on the Company’s accounts for the fiscal year ending on 31/12/2020 G.
3. Approval of the financial statements for the fiscal year ending on 31/12/2020 G.
4. Approval of the appointment of the company’s external auditor M/s. AlKharashi & Co. (Mazars) among the candidates based on the Audit Committee's recommendation. The appointed auditor shall examine, review and audit the second, third quarters and annual financial statements, of the fiscal year 2021 G., and the first quarter of the fiscal year 2022 G., and the determination of the auditor's fees.
5. Approval of the business and contracts that will be concluded between the Company and the Saudi Housing Finance (SHL), in which the board member Mr. Youssef bin Abdullah Al-Shalash, has an indirect interest in it. These businesses and contracts are financing some customers of Dar Al-Arkan Company to purchase houses. During the year 2020, sales of 15.5 million saudi riyals were made. It was paid from SHL Company during the year and there is no outstanding or due balance in 2020. These transactions are continuous, to be renewed annually, and carried out in the context of regular business and in accordance with the prevailing commercial terms and without any preferential conditions.
6. Approval of the business and contracts that will be concluded between the Company and Al-Khair Capital, in which each of the members of the Board of Directors: Youssef bin Abdullah Al-Shalash and Majid bin Abdul Rahman Al-Qasim, have an indirect interest in it. These businesses and contracts are to provide financial consultations to Dar Al-Arkan. During the year 2020, the entire amount due was 1.5 million saudi riyals, was paid to Al Khair Capital Dubai Limited, which included fees and charges during the year amounted 1.5 million saudi riyals. During 2020, there were no transactions with Al-Khair Capital Saudi Arabia, and there is no outstanding or due balance. These services are continuous, to be renewed annually, and carried out in the context of regular business and in accordance with the prevailing commercial terms and without any preferential conditions.
7. Approval of the Board of Directors’ Liability Discharge for the fiscal year ended December 31, 2020. 8. Approval of amendments of the policy of Nomination and Remunerations Committee. |
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