Red Sea International Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Red Sea International Company is pleased to announce the results of the Ordinary General Assembly Meeting (first meeting), which was convened after the AGM Quorum was met in accordance with the Company’s Bylaw and MCI Corporate Law |
| City and Location of the General Assembly's Meeting | Through the use of Modern Technology from the Company's Headquarter in Riyadh |
| Date of the General Assembly's Meeting | 2022-06-23 Corresponding to 1443-11-24 |
| Time of the General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 70.65% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board Members have attended the meeting:
1- H.E. Mr. Amr Abdullah Al Dabbagh (Chairman) 2- Mr. Sami Ahmed BinMahfooz (Deputy Chairman) 3- Mr. Khalid Mohammed Fagih 4- Mr. Taher Mohammed Omar Agueel 5- Mr. Peter Walichnowski 6- Mr. Mujahid Abdulkareem Al-Gaun 7- Mr. Mohammed Zaher Al-Munajjed
The following members were absent from the meeting:
1- Mr. Osama Zakaria Jamjoom |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | Below is the list of Committees’ Chairmen who attended the meeting:
1- H.E. Mr. Amr Abdullah Al Dabbagh (Chairman of the Executive Committee) 2- Mr. Sami Ahmed BinMahfooz (Chairman of the Audit Committee) 3- Mr. Mohammed Zaher Al-Munajjed (Chairman of the Nomination & Compensation Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Approved the Board of Directors’ Annual Report for the Financial Year ended on 31-12-2021.
2. Approved the Independent Auditor Report for the Financial Year ended 31-12-2021. 3. Approved the Financial Statements for the Financial Year ended in 31-12-2021. 4. Approve the appointment of (Ernst & Young ) as External Auditor for the Company from among the candidates nominated based on the recommendation of Audit Committee, to review and audit the financial statements of the second, third, fourth quarters, the annual of the fiscal year 2022,and first quarter of the year 2023 and determine their fees. 5. Approved the payment of SAR 1,386,000 as remunerations to Board Members for the Financial Year ended 31-12-2021. 6. Approved delegating the Ordinary General Assembly’s powers to Board of Directors as stipulated in paragraph (1) of Article (71) of the Companies Law, for a period of one year from the General Assembly’s approval, or until the end of the Board of Directors’ term whichever is earlier, in accordance with the terms stated in the Regulatory Rules and Procedures issued pursuant to the Companies Law related to listed joint-stock companies.
7. Approved the business and contracts that took place between Red Sea International Company and Mr. Saleh Mohammed Binladen (previous Board Member) to rent a portion of a plot in Rabigh to build a residential complex for the employees of the companies operating in the region for an annual amount of SAR 883,390.95, whereby Mr. Saleh Binladen (previous Board Member) has a direct interest in this contract in 2021 in his capacity as landowner. This contract does not have any preferential conditions. The Membership of Mr. Saleh Binladen in the Board of Red Sea International Company has expired on 09-05-2021. |
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