Development Works Food Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )
|Introduction||The Board of Directors of Development Works Food Co. is pleased to announce the results of the Extraordinary General Assembly meeting (the first meeting), which was held at 20:30 pm on Thursday 09-02-1443 corresponding to 16-09-2021, and the attendance rate was 58.87% with a quorum. To hold the meeting according to the company's articles of association. The meeting of the association was chaired by Mr. Ashry bin Saad Al-Ashry, Chairman of the Board of Directors|
|City and Location of the Extraordinary General Assembly's Meeting||The assembly was held remotely through modern technology, in the context of supporting efforts and preventive and precautionary measures from the competent and relevant authorities to address the emerging corona virus (Covid-19).|
|Date of the Extraordinary General Assembly's Meeting||2021-09-16 Corresponding to 1443-02-09|
|Time of the Extraordinary General Assembly's Meeting||20:30|
|Percentage of Attending Shareholders||58.87|
|Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees|| The meeting was attended by the following members of the Board of Directors:
- Mr. Ashry Saad Al Ashry - Chairman of the Board of Directors
- Mr. Abdul Rahman Nasser Al-Asmari - Member of the Board
- Mr. Hisham Abdul Rahman Muqrin - Vice Chairman of the Board of Directors
- Mr. Anas Salih Al-Amoud - Member of the Board
- Mr. Musa Abdullah Al-Fuzan - Member of the Council
|Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf|| The meeting was attended by the following heads of committees and members:
- Mr. Musa Al-Fuzan - Member of the Audit Committee
- Mr. Anas Al-Amoud - Member of the Nominations and Remunerations Committee
|Voting Results on the Items of the General Assembly's Meeting Agenda's|| ) Approval of the amendment of Article (16) of the company's articles of association related to the company's management.
2) Approval of the amendment of Article (23) of the company's articles of association related to the quorum of the board meeting.
3) Approval of the amendment of Article (33) of the company's articles of association related to the quorum of the ordinary general assembly meeting.
4) Approval of the amendment of Article (47) of the company's articles of association related to the distribution of profits.
5) Approval of the election of the members of the Board of Directors from among the candidates for the next session, which begins on 30-10-2021 and has a duration of three years and ends on 29-10-2024. The following members were elected:
1. Mr. Ashry Saad Mizal Al-Ashry.
2. Mr. Anas Saleh Ibrahim Al-Amoud.
3. Mr. Abdel-Rahman Nasser Zayed Al-Asmari.
4. Mr. Ibrahim Nasser Mohammed Al-Shamimary.
5. Mr. Yazid Khaled Zaid Al-Tamimi.
6) Approval of the formation of the Audit Committee, defining its tasks, its work controls, and the remuneration of its members for the new term starting from 30-10-2021 until the end of the session on 29-10-2024. They are:
1. Musa Abdullah Al-Fawzan
2. Hassan Omar Ba Khamis
3. Muhammad Abdullah Al-Mubarak
7) Approval of the Board of Directors’ recommendation to increase the company’s capital by granting free shares to the company’s shareholders according to the following: -
A- The total amount of the increase: 5,000,000 riyals. (Five million Saudi riyals).
B- The capital before the increase is 25,000,000 (twenty-five million Saudi riyals), and the capital after the increase becomes 30,000,000 (thirty million Saudi riyals), an increase of 20%.
C- Number of shares before the capital increase: 2,500,000 shares, and the number of shares after the increase becomes 3,000,000 shares.
D- This recommendation aims to increase the capital to support and strengthen the company's future activities.
e- The rate of increase: one share for every five shares.
f- The increase will take place by capitalizing an amount of (1,923,872) riyals from the statutory reserve and an amount of (3,076,128) riyals from retained earnings.
G- In the event of approval of the item, the date of eligibility of the bonus shares for the shareholders of the company who own the shares will be on the day of the extraordinary general assembly who are registered in the company’s shareholders register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the due date.
H- In the event of fractional shares, they will be collected in one portfolio for all shareholders, and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.
I- Amending Article No. (7) of the company's bylaws related to the capital.
j- Amending Article No. (8) of the company's articles of association related to subscribing to shares.