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Emaar The Economic City Announces the Results of the Ordinary General Assembly Meeting, (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Emaar The Economic City announces the results of the ordinary general assembly’s meeting (first meeting) which held on Thursday 19 Dhu al-Qa’dah 1444, corresponding to 8 June 2023 at 7:30 pm. |
| City and Location of the General Assembly's Meeting | Through modern technology at EEC's headquarter in KAEC – Rabigh. |
| Date of the General Assembly's Meeting | 2023-06-08 Corresponding to 1444-11-19 |
| Time of the General Assembly's Meeting | 19:30 |
| Percentage of Attending Shareholders | 71.54% |
| 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. Jamal Bin Theniyah (Vice Chairman). 2. Mr. Mohammed Hefni 3. Mr. Arif Al-Bastaki 4. Mr. Osama Barayan 5. Mr. Abdullah Al-Howaish 6. Mr. Naif Al-Hamdan 7. Mr. Qusai Al-Fakhri Apologized for not been able to attend: 1. Mr. Fahad Al-Saif (Chairman) 2. Mr. Hani Baothman |
| 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’s attended the meeting: 1. Mr. Osama Barayan (Chairman of Audit Committee). 2. Mr. Arif Al-Bastaki (Chairman of Nomination and Remuneration Committee). Apologized for not been able to attend: - Mr. Fahad Al-Saif (Chairman of Executive Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. The report of the Board of Directors for the fiscal year ended on December 31, 2022 was reviewed and discussed. 2. The consolidated Financial Statements for the fiscal year ended on December 31, 2022 was reviewed and discussed. 3. Approved the External Auditor Report for the fiscal year ended on December 31, 2022. 4. Approved the appointment of KPMG as the Company's External Auditor, according to the recommendation of EEC Audit Committee and the nomination of the Board of directors, to examine, review and audit the (second and third) quarter and annual financial statements of the fiscal year 2023, the (first, second, and third) quarter and annual financial statements of the fiscal year 2024, the (first, second, and third) quarter and annual financial statements of the fiscal year 2025 and the (first) quarter financial statements of the fiscal year 2026, along with determining their remuneration. 5. Approved the payment of SAR (2,600,000) as remunerations for the board of directors’ members for the fiscal year ending on 31 December 2022. 6. Approved the absolving the Board of Directors members from their liabilities pertaining to the management of the Company for the fiscal year ended on December 31, 2022. 7. Approved the updated Board of Directors, Board Committees and Executive Management Remuneration Policy. 8. Approved the updated Audit Committee’s Charter. 9. Approved the transactions and contracts that was conducted between the Company and CEER National Automotive Company for the year 2022 which the Chairman of the Board Mr. Fahad Abduljalil Al-Saif and the (former) Board member Mr. Majed Al-Sorour have an indirect interest in them, which is land sale agreement to construct and operate automotive manufacturing and assembly facility together with all ancillary services, for SAR 359.04 million (without preferential terms). 10. Approved the transactions and contracts that was conducted between the Company and Public Investment Fund for the year 2022 which the Chairman of the Board Mr. Fahad Abduljalil Al-Saif and the Board member Mr. Naif Saleh Al-Hamdan have an indirect interest in them, which is signing of a term loan facility agreement, up to SAR 1,000 million (without preferential terms). |
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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