Tabuk Agricultural Development Co. Announces the Results of the Ordinary General Assembly Meeting (Second Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Tabuk Agricultural Development Company announces the results of the general assembly meeting (2nd Meeting), which was held on Wednesday evening on 25/09/2024G corresponding to 22/03/1446H at exactly 07:30 PM , Due to lack of a quorum in the first meeting, the second meeting was held one hour after the scheduled time for the first meeting with the shares represented in the meeting, where the attendance rate was 16.31% of shares representing the capital according to the Company's bylaw, via modern technology. |
| City and Location of the General Assembly's Meeting | Through modern technology means from the Company’s Project in Tabuk City. |
| Date of the General Assembly's Meeting | 2024-09-25 Corresponding to 1446-03-22 |
| Time of the General Assembly’s Meeting | 19:30 |
| Percentage of Attending Shareholders | 16.31% |
| 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. Majed Ahmed Ibrahim Alsuwaigh (BOD Chairman) 2- Dr. Ahmed Sirag Abdulrahman Khogeer (BOD Deputy Chairman). 3- Mr. Fahad Abdullah Ali Alsemaih (BOD Member). 4- Mr. Abdullah Mohammed Helal Alharbi (BOD Member). 5- Dr. Almutasembilla Zaki M. Allam (BOD Member). 6- Mr. Sami Ahmed Sulaiman Al-Babtain (BOD Member). |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1- Mr. Sami Ahmed Sulaiman Al-Babtain (Audit Committee Chairman).
2- Mr. Abdullah Mohammed Helal Alharbi (Nomination and Remuneration Committee Chairman). 3- Mr. Majed Ahmed Ibrahim Alsuwaigh (Executive Committee Chairman). |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- Approval of the Board of Directors’ recommendation to exit from the investment in the Masader Agricultural Feed Mill LTD Company by selling all the shares owned by Tabuk Agricultural Development Company in Masader Agricultural Feed Mill LTD Company, which represent 60% of the total shares of the company, to the partner Ahmed Hussein Al-Omari for an amount of Seven Million Saudi Riyals, including the factory affiliated with Ahmed Hussein Al-Omari institution, in which the company also owns 60%, as the exit will lead to stop the ongoing losses, which averaged Four Million Saudi Riyals annually, and generating cash liquidity for the company in an amount of Seven Million Saudi Riyals for Tabuk Agricultural development company, as well as realizing net profit from the exit in an amount of 9.6 Million Riyals which will be recorded directly in the profit or loss statement. |
| Additional Information | The attendance rate required for the first meeting is 25%, while the attendance rate was 16.22%, and the second meeting was held an hour after the first meeting, and the attendance rate for the second meeting was 16.31% knowing that the attendance rate required for the second meeting is those who attended from among the shareholders according to the Company's bylaw. |
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