Dar Alarkan Real Estate Development Co. Board invites its shareholders to attend the Extraordinary General Assembly Meeting the (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Dar Al-Arkan Real Estate Development Company is pleased to invite the shareholders to participate and vote in the Extraordinary General Assembly meeting (the first meeting), which is scheduled to be held at 18:45 on Thursday 27/06/2024 corresponding to 21/12/1445H, using modern technology means through the Tadawulaty system. |
| City and Location of the General Assembly's Meeting | City and Location of the General Assembly's Meeting: Head Office of the company, 12622 Makkah Road, Al Wizarat, Beside Riyadh Marriott Hotel, Riyadh, KSA through modern technology. |
| Hyperlink of the Meeting Location | Click Here |
| Date of the General Assembly's Meeting | 2024-06-27 Corresponding to 1445-12-21 |
| Time of the General Assembly’s Meeting | 18:45 |
| Methodology of Convening the General Assembly’s Meeting | Via modern technology means |
| Attendance Eligibility, Registration Eligibility, and Voting End | Shareholders who are registered in the issuers shareholders record at the Depositary Center by the end of the trade session prior to the general assembly meeting and in accordance with the laws and regulations. The right to register a name to attend the general assembly meeting ends at the time of convening the general assembly meeting. The attendees right to vote on the items of the assembly’s agenda ends upon the end of screening the votes by the Screening Committee. |
| Quorum for Convening the General Assembly's Meeting | The Extraordinary General Assembly meeting shall be valid if shareholders representing at least half the company’s capital are present. If the quorum required to hold this meeting is not available, the second meeting will be held an hour after the end of the period specified for the first meeting, and the second meeting shall be considered valid if attended by shareholders representing at least a quarter of the capital. |
| General Assembly Meeting Agenda | The Meeting Agenda as follow:
1. Review and discuss the Board of Directors' report for the fiscal year ending on 31/12/2023 G. 2. Voting on the auditor/s report on the Company’s accounts for the fiscal year ending on 31/12/2023 G after discussing the report. 3. Review and discuss on the financial statements for the fiscal year ending on 31/12/2023 G. 4. Voting on appointing the external auditor for the Company from among the candidates based on the Audit Committee's recommendation. The appointed auditor/s shall examine, review and audit the second, third quarters and annual financial statements, of the fiscal year 2024 G., and the first quarter of the fiscal year 2025 G., and the determination of the auditor's fees. 5. Voting on the business and contracts that will be concluded between the Company and the SHL Finance Company, in which the chairman of the board Mr. Youssef bin Abdullah Al-Shalash, has an indirect interest in it. These businesses and contracts are financing some customers of Dar Al-Arkan Company to purchase houses. During 2023, there were sales of SAR 3.8 million which were paid off by SHL during the year and no outstanding balance to be paid or settled with this related party. These transactions are continuous, to be renewed annually, and carried out in the context of regular business and in accordance with the prevailing commercial terms and without any preferential conditions. (attached) 6. Voting on the business and contracts that will be concluded between the Company and Al-Khair Capital, in which each of the members of the Board of Directors: Mr. Youssef bin Abdullah Al-Shalash and Mr. Majid bin Abdul Rahman Al-Qasim, have an indirect interest in it. These businesses and contracts are to provide financial consultations to Dar Al-Arkan. During 2023, there were no transactions made, and there is no outstanding or due balance. These services are continuous, to be renewed annually, and carried out in the context of regular business and in accordance with the prevailing commercial terms and without any preferential conditions. (attached) 7. Vote to provide clearance to the members of the Board of Directors for the fiscal year ended December 31, 2023. 8. Voting on paying an amount of one million and eight hundred thousand Saudi Riyal as remuneration to the Board members for the fiscal year ending on 31/12/2023 G (attached) 9. Voting on delegating the Board of Directors to distribute interim dividends on a biannual / quarterly basis for the fiscal year 2024 G. 10. Voting on amending the company’s bylaws in line with the new companies’ bylaws, and rearranging the articles of the company bylaws and numbering them to be consistent with the proposed amendments. (attached) 11. Voting on the amendment of the charter of the audit committee. (Attached) 12. Voting on the amendment of the charter of the Remuneration and Nominations Committee. (Attached) 13. Voting on the amendment of Policies, Standards and Procedures for the Membership in the Board of Directors. (Attached) 14. Voting on the amendment of Remunerations Regulation for Members of the Board of Directors, Committees Emanating from the Board and Executive Management. (Attached) 15. Voting on the competition standards. (attached) |
| Proxy Form |  |
| The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right | Every shareholder has the right to discuss the topics included in the General Assembly’s agenda and direct questions regarding them to the members of the Board of Directors and the auditor |
| Details of the electronic voting on the Assembly’s agenda | Honored shareholders can vote remotely on the items on the assembly’s agenda, through the electronic voting service by visiting the Tadawulaty website www.tadawulaty.com.sa Note that the registration for the service and voting is freely available to all shareholders, starting at 1:00 AM on Tuesday 19/12/1445H corresponding to 25/6/2024, until the end of assembly time. |
| Method of Communication in Case of Any Enquiries | For inquires, you can contact the company’s management through the following means of communication: phone number 00966112069888, ext. 1641 or 1144, or via email [email protected] |
| Attached Documents | |
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