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SABB Takaful Co. Announces the Results of the Extraordinary General Assembly Meeting, ( First Meeting )

SABB TAKAFUL 8080 -2.87% 11.50 -0.34
Element List Explanation
Introduction The Board of Directors of SABB Takaful Co. is pleased to announce the results of the Extraordinary General Assembly Meeting (First Meeting) convened on Thursday, 19/02/1444H (Corresponding to 15/09/2022G), at 07:00 P.M, physically (in person) and via modern technology means, after completion of the quorum pursuant to hold the meeting with attendance percentage of 69.96 %
City and Location of the General Assembly's Meeting The meeting was held physically at the Intercontinental Hotel, King Saud Road AlMutamarat, and virtually through modern technology.
Date of the General Assembly's Meeting 2022-09-15 Corresponding to 1444-02-19
Time of the General Assembly's Meeting 19:00
Percentage of Attending Shareholders 69.96%
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) Mr. Mohammed Abdulaziz Alshayea (Chairman)

2) Mr. Feras Abdulaziz Abalkhail (Board member)

3) Mr. Ayman Wajeeh Altaweel (Board member)

4) Mr. Salman Ahmad Akbar (Board member)

5) Mr. Faris Fehied Alshareef (Board member)

6) Mr. Mohammed Abdulrahman AlMousa (Board member)

7) Mr. Fahad Abdullah Abalkhail(Board member)

Absentee: The Board Member Mr. Yasir Ali Albarrak didn’t attend the meeting due to personal reason.

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf The following Chairman of the committees attended the meeting:

1) Mr. Salman Ahmad Akbar (Audit Committee Chair)

2) Mr. Feras Abdulaziz Abalkhail (Nomination and Remuneration Committee Chair)

3) Mr. Mohammed Abdulaziz Alshayea (Executive Committee Chair)

Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Approved the disbursement of one million and five hundred thousand Saudi Riyals (SAR 1,500,000) as remuneration to the Board members for the fiscal year ended on December 31, 2021.

2. Approved the offer submitted by Walaa Cooperative Insurance Company (“Walaa”) to merge SABB Takaful into Walaa Cooperative Insurance Company in accordance with the provisions of Articles (190) to (193) of the Companies Law issued by Royal Decree No. (M/3) dated 28/1 /1437H (corresponding to November 10, 2015G) and its amendments (the “Regulation”), by issuing (twenty million four hundred and eighteen thousand six hundred and nineteen) (20,418,619) new shares in a Walaa Company in return for the entire share of SABB Takaful capital, and the dissolution of SABB Takaful as a result, in accordance with the relevant statutory requirements and terms and conditions of the merger agreement concluded between Walaa and SABB Takaful Company on 23/07/1443H (corresponding to 24/02/2022G) (the “Merger Agreement”) Also approving the following matters relating to Merger Agreement:

a. Approved the provisions of the Merger Agreement concluded between SABB Takaful and Walaa Company on 23/07/1443 AH (corresponding to 24/02/2022 AD).

b. Approved authorizing the Board of Directors, or any person authorized by the Board of Directors, to issue any decision or take any action that may be necessary to implement any of the decisions mentioned above.

Additional Information For more details about the merger deal, its terms and conditions and all related issues, including related parties and the procedures for completing the merger deal, the shareholders should refer to the offer document and the Board of Directors’ circular.

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