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Saudi Research and Media Group Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )

SRMG 4210 -2.41% 137.60 -3.40
Element List Explanation
Introduction Saudi Research and Media Group announces the results of the ordinary General Assembly meeting (First Meeting) scheduled at 6:30 p.m. on Thursday 18-10-1443 Corresponding to 19-05-2022, through modern technology means
City and Location of the General Assembly's Meeting In SRMG’s office in Riyadh through modern technology means.
Date of the General Assembly's Meeting 2022-05-19 Corresponding to 1443-10-18
Time of the General Assembly's Meeting 18:30
Percentage of Attending Shareholders 70.6%
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. Eng. Abdulrahman Ibrahim Alrowaita (Chairman)

2. Mr. Majid Abdulrhman Alissa (Vice Chairman)

3. Ms. Jomana Rashed AlRashid (Member of the board of directors)

4. Dr. Adel Zaid Altoraifi (Member of the board of directors)

5. Eng. Mosa Omran AlOmran (Member of the board of directors)

6. Mr. Mohyedin Saleh Kamel (Member of the board of directors)

7. Mr. Adel Marzouq Alnasser (Member of the board of directors)

8. Dr. Turki Omar Bugshan (Member of the board of directors)

9. Mr. Hamad Saud Alomar (Member of the board of directors)

10. Eng. Abdullah Suliman Alrabaian (Member of the board of directors)

Apologized for not being able to attend the meeting:

1. Dr. Abdulaziz Hamad Alfahad (Member of the board of directors)

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf 1- Eng. Abdulrahman Ibrahim Alrowaita (Executive Committee chairman)

2- Dr. Turki Omar Bugshan (Audit Committee chairman)

3- Eng. Abdullah Suliman Alrabaian (Remuneration and nomination Committee chairman )

Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Approve the Board of Directors’ report for the fiscal year ending on31/12/2021.

2. Approve the Company’s auditor’s report for the fiscal year ending on 31/12/2021.

3. Approve the Consolidated Financial Statements for the Company for the year ending on 31/12/2021.

4. Approve on absolving the Board members for all of their actions during the fiscal year ending on 31/12/2021.

5. Approve on appointing Ernst & Young professional Services as auditor for the company from amongst the candidates, based on a recommendation from the Audit Committee, in order to examine, review and audit the financial statements for the second and third quarters, and for the fiscal year of 2022, along with the first quarter of 2023, and to determine the auditor’s fees.

6. Approve on paying the amount of (2,800,000)SAR to members of the Board of Directors for the year ending on 31/12/2021.

7. Approve on paying the amount of (970,000) SAR to sub-committees of the Board for the year ending on 31/12/2021.

8. Approve the transaction and contracts executed between the Group and Hala Printing Company, which is one of the subsidiaries of Saudi Printing and Packaging Company; in which the Board members, Mr. Adel bin Marzouk Al-Nasser, and Dr. Turki bin Omar Saleh Buqshan, and Mr. Mohammed Nazer, Chief Financial Officer of the Group, own an indirect interest. These transactions represent printing contracts, noting that the total value of these transactions amounted to SR (12,381,447) during the year 2021, while the due amounts were SR (2,839,064) as at 31st of December 2021. (Without preferential conditions).

9. Approve the transaction and contracts executed between the Group and Medina Printing and Publishing Co., which is one of the subsidiaries of Saudi Printing and Packaging Company, in which the Board members, Mr. Adel bin Marzouk Al-Nasser and Dr. Turki bin Omar Saleh Buqshan, and Mr. Mohammed Nazer, Chief Financial Officer of the Group own an indirect interest. These transactions represent a printing contract, noting that the total value of these transactions amounted to SR (10,315,231) during 2021, while the due amounts were SR (2,913,594) as at 31st of December 2021. (Without preferential conditions).

10. Approve the transaction contracts executed between the Group and (Al Madarat Advertising Company and its subsidiary company) O R Media, in which the Board member, Mr. Abdulrahman bin Hamad Abdullah Al Rashed owns a direct interest. for media and advertising services, with a total contractual value of SAR 7,763,444. The volume of these transactions is represented in the services provided to the Group starting from 1 January 2021, until 20 May 2021 (the expiry date of his membership on the Board of Directors) (without any preferential conditions).

11. Approve the transaction and contracts executed between the Group and Al-Fahd Law Firm, in which the Board member, Dr. Abdul Aziz Al Fahd owns a direct interest. These transactions represent legal services, noting that the total value of these transactions amounted to SR (1,540,500) during the fiscal year 2021, and there was no due balance as at 31st of December 2021. (Without preferential conditions).

12. Approve the transaction and contracts executed between the Group and Argaam Commercial Investment Co., in which the Board member Ms. Jomana Rashed AlRashid, and Mr. Mohammed Nazer, Chief Financial Officer of the Group, own an indirect interest. These transactions represent advertising contracts in addition to other services related to shareholders’ relationship management, noting that the total value of these transactions amounted to SAR 2,816,552 during the fiscal year 2021, while the due amounts were SAR 428,652 as of 31 December 2021 (without any preferential conditions).

13. Approve stop transferring (10%)from net profits to statutory reserves starting from the financial results for the period ended 31 March 2022 as the statutory reserves reached (36.7%) of the Group’s capital as at 31 December 2021.

14. Approve to increase professional fees payable to the Company’s auditors (KPMG) by SAR 150,000 based on a recommendation from the Audit Committee and in relation to the provision of additional audit services for a Group subsidiaries.

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