Saudi Cable Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )

27 June 2024 09:28 AM

SAUDI CABLE 2110 -6.79% 57.15 -4.17

Element List	Explanation
Introduction	The Board of Directors of Saudi Cable Company is pleased to announce the results of the Ordinary General Assembly meeting (First meeting), which was held at the Company Headquarter in Jeddah, and through the means of modern technology using Tadawulaty website, at 08:30pm, on Wednesday, 20/12/1445H corresponding to 26/06/2024 headed by Chairman of the Board, Eng. Abdullah bin Owdah AlGubain, after the quorum is complete (where the attendance rate was 27.38%), and according to the company’s bylaws, the ordinary general assembly meeting is valid if it is attended by shareholders representing at least a quarter of the capital.
City and Location of the General Assembly's Meeting	Saudi Cable Company’s Headquarter, Jeddah and Via means of Modern Technology
Date of the General Assembly's Meeting	2024-06-26 Corresponding to 1445-12-20
Time of the General Assembly’s Meeting	20:30
Percentage of Attending Shareholders	27.38%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	1. Abdullah bin Owdah AlGubain (Chairman of the Board) 2. Waleed bin Abdullaziz AlShuwaier (Vice Chairman) 3. Khalid bin Asaad Khashogji (Management Director) 4. Shabib Hassan Alhaqabani 5. Sabri bin Abdullah Alghamdi 6. Abdulkarim bin Muhammed Alnuhayer
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf	1. Abdulkarim bin Muhammed Alnuhayer (Chairman of Audit Committee) 2. Waleed bin Abdullaziz AlShuwaier (Chairman of Nominations and Remunerations Committee)
Voting Results on the Items of the General Assembly's Meeting Agenda's	1. The Board of Directors’ report for the financial year ending 12-31-2023 was reviewed and discussed. 2. The financial statements for the fiscal year ending on 12-31-2023 were reviewed and discussed. 3. Approval of the company’s auditor’s report for the financial year ending on 12-31-2023 AD after discussing it, by 81.27% 4. Approval of the Board of Directors’ decision to appoint Eng. Abdullah bin Owdah AlGubain (independent member) to the Board of Directors starting from the date of his appointment 04/13/2024 AD to complete the Board’s session until the end of the current session on 04/03/2027 AD, to succeed the resigned member Eng./ Abdulaziz Saleh Aba Alkhail (independent member), by 96.93% 5. Disapproval the Board of Directors’ decision to appoint Engineer Badran bin Hamoud Al Badran (non-executive member) to the Board of Directors starting from the date of his appointment, 04/28/2024 AD, to complete the Board’s session until the end of the current session on 04/03/2027 AD, to succeed the resigned member, Mr. Saleh Abdullah Al-Shathri (independent member), by 76.02% 6. Approval of the dismissal of Board Member Mr. Ziyad Abdullatif Al-Barrak at the request of shareholders representing more than 10% of the company’s capital, by 98.03%. 7. Approval of filing a liability lawsuit against a member of the Board of Directors, Mr. Ziyad Abdul Latif Al-Barrak, based on the request of shareholders representing more than 10% of the company’s capital, and authorizing the executive management to take the necessary legal and regulatory measures in this regard, by 97.21%. 8. Approval of the removal of Board Member Mr. Nael Samir Fayez at the request of shareholders representing more than 10% of the company’s capital, by 97.67%. 9. Approval to file a liability lawsuit against Board Member Mr. Nael Samir Fayez based on the request of shareholders representing more than 10% of the company’s capital and authorizing the executive management to take the necessary legal and regulatory measures in this regard, by 96.93%. 10. Approval of the appointment of the company’s auditor, Messrs. Al-Kharashi & Partners, certified accountants and auditors, from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2024 AD and the first quarter of the fiscal year 2025 AD, and determine his fees amounting to 640,000 (six hundred and forty thousand Saudi riyals) excluding VAT, by 95.27%. 11. Approval of the remuneration policy for the Council, its committees and the executive management, by 90.43%. 12. Approval of amending the work regulations of the Audit Committee, by 96.95%. 13. Approval of amending the policies, standards and procedures of membership in the Council, by 97.34%. 14. Approval of amending the social responsibility regulations, by 96.36%.
Additional Information	The company's management would like to clarify to its shareholders that with reference to the company's announcements published on the Tadawul website on 06/26/2024 AD related to the resignation of three members of its Board of Directors (Nael Fayez, Zeyad Albarrak, Badran Albadran), the results of voting on Item Five, Item Six, and Item Eight is considered null and void as a result of the members' resignation before holding the assembly meeting.

Comments