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Dar Alarkan Real Estate Development Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | Dar Alarkan Real Estate Development Company announces the results of the Ordinary General Assembly meeting (the first meeting), which was held at 19:00 on 20/6/2023 corresponding to 2/12/1444H at the company’s headquarters in Riyadh through modern technology, Using Tadawulaty Platform after the quorum was completed. |
| 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, Using Tadawulaty Platform |
| Date of the General Assembly's Meeting | 2023-06-20 Corresponding to 1444-12-02 |
| Time of the General Assembly's Meeting | 19:00 |
| Percentage of Attending Shareholders | 73.93458 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following all Board members attended the meeting: 1- Yousuf Abdullah Al Shelash (Chairman of the Board of Directors, Chairman of the Executive Committee, member of the Remuneration and Nominations Committee) who chaired the assembly meeting. 2- Dr. Abdulaziz Ibrahim Mohammed Al Mana (Chairman of the Remuneration and Nominations Committee) 3- Tariq Mohamed Al Jarallah (Chairman of the Audit Committee, member of the Executive Committee) 4- Majed Abdul Rahman Al Qasim (Vice Chairman of the Board of Directors, member of the Executive Committee, member of the Remuneration and Nominations Committee, member of the Audit Committee). 5- Hathloul Saleh Al Hathloul (member of the Audit Committee). 6- Abdulrahman Saleh Abdulaziz Alsawi (member of the Audit Committee, member of the Remuneration and Nominations Committee). |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1- Yousuf Abdullah Al Shelash (Chairman of the Executive Committee). 2- Dr. Abdulaziz Ibrahim Mohammed Al Mana (Chairman of the Remuneration and Nominations Committee) 3- Tariq Mohamed Al Jarallah (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 ending on 31/12/2022G was reviewed and discussed. 2. Approval of the auditor/s report on the Company’s accounts for the fiscal year ending on 31/12/2022 G after discussing the report. 3. The financial statements for the fiscal year ending on 31/12/2022G were reviewed and discussed. 4. Approval of the appointment of the company’s external auditor M/s Turki Abdul Mohsen Alluhaid & Saleh Abdullah Al Yahya Chartered Accountants 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 2023 G., and the first quarter of the fiscal year 2024 G., and the determination of the auditor's fees. 5. Approval of the business and contracts that will be concluded between the Company and the SHL Finance Company, in which the board member Mr. Youssef bin Abdullah Al-Shalash, has a direct and indirect interest in it. These businesses and contracts are financing some customers of Dar Al-Arkan Company to purchase houses. During 2022, 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. 6. Approval of 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 2022, 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. 7. Approval of the Board of Directors’ Liability Discharge for the fiscal year ended December 31, 2022. 8. Approval of disbursement of an amount of one million and five hundred thousand Saudi Riyal as remuneration to the Board members for the fiscal year ending on 31/12/2022 G 9. Approval of delegating the Board of Directors to distribute interim dividends on a biannual / quarterly basis for the fiscal year 2023 G. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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