Development Works Food Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Not Approving Increase ( Second Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Development Works Food Co. is pleased to announce the results of the Extraordinary General Assembly meeting (the second meeting), which was held at 19:30 on Wednesday 22-05-1445, corresponding to 12-06-2023, one hour after the time of the first meeting (which It was supposed to be held at 18:30, noting that the first meeting was not held due to the lack of a quorum according to the system (as the attendance rate was 25.35%), and the attendance rate for the second meeting was 25.51%, noting that according to the company’s bylaws, the second meeting is valid if it is attended by shareholders. They represent at least a quarter of the capital. The association meeting was chaired by Mr. Anas Salih Al-Amoud, Chairman of the Board of Directors. |
| City and Location of the Extraordinary General Assembly's Meeting | Company's main headquarters - Riyadh, using modern technology |
| Date of the Extraordinary General Assembly's Meeting | 2023-12-06 Corresponding to 1445-05-22 |
| Time of the Extraordinary General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 25.51 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following members of the Board of Directors attended the meeting:
- Mr. Anas Salih Al-Amoud - Chairman - Mr. Hisham Abdel Rahman Muqrin - Vice President - Mr. - Ibrahim Nasser Al-Shamimari - Board Member - Mr. Yazid Khaled Al-Tamimi - Board Member - Mr. Bashar Abdel Aziz Aba Al-Khail - Board Member Mr. Abdullah Khalid Al-Fadli - Board Member |
| 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 committee chairs and members:
- Mr. Abdul Aziz Mohammed Aba Btain - Head of the Audit Committee - Mr. Musa Abdellah Al-Fouzan - Audit Committee Member - Dr. Omar Mohammed Al-Manea - Audit Committee Member - Mr. Yazid Khaled Al-Tamimi - Chairman of the Nominations and Remuneration Committee - Mr. Anas Salih Al-Amoud - Nominations and Remunerations Committee Member Mr. Ibrahim Nasser Al-Shamimari - Nominations and Remunerations Committee Member |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1) Disagreement of the Board of Directors’ recommendation to raise the company’s capital by offering priority shares per the following:
- Total amount of capital increase: 216 million Saudi riyals By increasing its capital, the company aims to support the company’s plans and develop and expand its activities. If the clause is approved, the eligibility will be for shareholders who own shares on the day of the extraordinary general assembly and are registered in the company’s shareholder registry with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly. Amending Article No. (7) of the company’s bylaws relating to (capital). - Amending Article No. (8) of the company’s bylaws related to (subscription to shares). 2) Approval of the Board of Directors’ decision to appoint Mr. Hisham Abdel Rahman Al-Muqrin as an (executive) member of the Board of Directors, starting from the date of his appointment on 16-07-2023 to complete the Board’s session until the end of the current session on 29-10-2024, succeeding the previous member (Professor/ Ashry Saad Al Ashry - Non-Executive). 3) Approval of the Board of Directors’ decision to appoint Mr. Abdul Aziz Mohammed Ababtain as a member (outside the Board) of the Audit Committee, starting from the date of his appointment on 05-12-2022 until the end of the current committee’s term on 29-10-2024, instead of the committee member. The former Mr. Hassan Omar Bakhamis is a member (outside the Council), provided that the appointment is effective from the date of the recommendation decision issued on 05-12-2022, and this appointment comes under the work regulations of the Audit Committee. 4) Approval of the Board of Directors’ decision to appoint Dr. Omar Mohammed Al-Manaie as a member (outside the Board) of the Audit Committee, starting from the date of his appointment on 20-07-2023 until the end of the current committee’s term on 29-10-2024, in place of the previous committee member. Anas Salih Al-Amoud, member (independent), provided that the appointment is effective from the date of the recommendation decision issued on 20-07-2023, and this appointment comes under the work regulations of the Audit Committee. 5) Disagreement to amend the company’s bylaws in accordance with the new companies’ bylaws. |
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