National Shipping Company of Saudi Arabia (Bahri) announces the results of the Ordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of National Shipping Company of Saudi Arabia (Bahri) is pleased to announce the results of the Ordinary General Assembly Meeting (First Meeting). |
| City and Location of the General Assembly's Meeting | The Company's headquarters in Riyadh (via modern technology provided by Tadawulaty) |
| Date of the General Assembly's Meeting | 2024-06-04 Corresponding to 1445-11-27 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 53.14% |
| 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 Alsarhan (Chairman)
2. Mr. Fahad Abduljalil Al Saif (Vice Chairman)
3. Dr. Abdulmalik Abdullah Alhogail
4. Eng. Ahmed Ali Alsubaey
5. Mr. Saeed Abdullatif Al Hadrami
6. Mr. Raid Abdullah Ismail
Apologized for not attending the meeting:
1. Mr. Saleh Abdullah Aldebasi
2. Mr. Mohammed Khalifa Almulhem
3. Eng. Ahmed Mohammed Alkhunaini
4. Mr. Jesper Kjaedegaard |
| 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 Committees’ Chairmen attended the meeting:
1. Mr. Mohammed Abdulaziz Alsarhan (Chairman of the Executive Committee)
2. Dr. Abdulmalik Abdullah Alhogail (Chairman of the Audit Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. The Board of Directors report for the fiscal year ended 31 December 2023 was reviewed and discussed.
2. The consolidated financial statements for the fiscal year ending 31 December 2023 was reviewed and discussed. 3. Approve the company’s auditor’s report for the financial year ending on 31/12/2023 after discussing it. 4. Approve the discharge of the Board of Directors members for the fiscal year ending 31 December 2023.
5. Approve the appointment of Ernst & Young (EY) as the company’s external auditor among the candidates as per the recommendation of the Audit Committee, to examine, review and audit the financial statements for the second, third, fourth quarters and annual for the year 2024 and the first quarter of 2025 with a fee of SAR (1,500,000) excluding VAT.
6. Approve on the payment SAR (7,986,967) as remuneration to Board of Directors members for the fiscal year ending 31 December 2023.
7. Approve the recommendation of the Board of Directors to distribute cash dividends to shareholders for the financial year 2023 amounting of (SAR 406,054,687.50) to (738,281,250) shares at (SAR 0.55) per share representing (5.5%) of the book value per share. The dividends entitlement to shareholders who own shares and are registered in the Depository Center (Edaa) at the end of the second trading day following the date of the general assembly meeting On Tuesday 04 June 2024, the date of dividend distribution will be determined later.
8. Approve on the Board of Directors’ recommendation to allocate 2% of annual net income as a dedicated budget to be disbursed annually from the beginning of 2024 to the sustainability program and authorize the Board of Directors to approve governance and strategy.
9. Approve on the recommendation of the board of directors to appoint Eng. Ahmed Mohammed Alkhunaini as a member of the Board of Directors - an independent member starting from 01-02-2024 until the end of the current session on 15-01-2026, in place of the resigned board member Eng. Ibrahim Qassim Albuainain (independent member). |
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