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Al-Baha Investment and Development Co. Announces the Results of the Ordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Al Baha Investment and Development Company announces to its shareholders the results of the Ordinary General Assembly meeting (first meeting), which was held at exactly 18:30 on Monday 27-03-1446 corresponding to 30-09-2024 at the company’s main headquarters in Al Baha City - King’s Roads. Fahd - the company's headquarters, through modern technological means (remotely) - using Tadawulati services; This is after the legal quorum is reached for the assembly to be held |
| City and Location of the General Assembly's Meeting | Al-Baha City - King Fahd Road - the company's headquarters, using modern technology |
| Date of the General Assembly's Meeting | 2024-09-30 Corresponding to 1446-03-27 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 27.3 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | Mr. Mohammed bin Saleh Al Hammadi - Chairman of the Board of Directors Mr. Ibrahim bin Abdullah bin Kulib - Vice Chairman of the Board of Directors and CEO Mr. Saad bin Abdul Mohsen Al-Humaidi - Member of the Board of Directors and Chairman of the Audit Committee Mr. Abdullah bin Fahd Al-Madyan - Member of the Board of Directors and Chairman of Nominations and Rewards Dr. Abdulaziz bin Saleh Al Hammadi - Member of the Board of Directors Dr. Turki bin Abdul Rahman Al-Rassis - Member of the Board of Directors Dr. Abdullah bin Mohammed Balsharaf - Member of the Board of Directors |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | Mr. Saad bin Abdul Mohsen Al-Humaidi - Member of the Board of Directors and Chairman of the Audit Committee Mr. Abdullah bin Fahd Al-Madyan - Member of the Board of Directors and Chairman of Nominations and Rewards |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- Approval of to purchase 750,000 (seven hundred and fifty thousand) shares representing (13.04%) of the capital of Elegant Centers Company (Subsidiary), according to the contract signed with the seller, Mr. Mishal bin Mohammed Mufti - a member of the Board of Directors of the company (a related party). - Al Baha Investment and Development Company will pay the purchase value within a calendar year from the date of access, and Baha has the right to extend the repayment period for a similar additional period just by notifying the seller by the buyer. ("Repayment period") - Al Baha Investment and Development Company will pay 20% of the purchase value, which is (3,920,000 Saudi Riyals), on the date of access to transfer the shares. - 80% of the purchase value, which is (15,680,000 Saudi Riyals), will be paid during the repayment period of one calendar year from the date of access or any extension thereof, and at most at the end of the repayment period or any extension thereof. - The seller has the right to terminate the agreement immediately and regain his shares in the company if the buyer does not pay the purchase value within the specified period. - Pricing procedures were carried out by the evaluators (real estate appraisal companies), which are:- 1- Takdeer Appraisal Company. License No. (1210000414) 2- Ithraa Al-Asool Company. License No. (1210001497) 3- Istidad Real Estate Appraisal Company. License No. (1210000037) - Pricing procedures were carried out by the evaluators (economic establishments appraisal companies), which are:- 1- Alpha Group for Professional Consulting. License No. (4412000068) 2- Abdul Majeed Manqal Office for Appraisal (Fin Expertise International). License No. (3912000002) 3- Ithraa Saudi Professional Consulting Company. License No. (2210000067) Thus, the aim of the purchase is to own minority shares so that Al Baha Investment and Development Company becomes the owner of the capital of the subsidiaries by 100%, The item was approved by (97.55)%. 2- Approval of to converting the subsidiaries, namely (Elegant Centers Company Limited) and (ishraqh Regional Real Estate Development and Investment Company) into branches of Al-Baha Investment and Development Company, in the event that Item No. 1 (purchasing shares) is approved, The item was approved by (97.55)%. |
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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