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Addendum Announcement from Saudi Real Estate Co “Al-Akaria” regarding the opening of the candidacy for membership of the Board of Directors for the next session
| Element List | Explanation |
|---|---|
| Introduction | Further to the Saudi Real Estate Company "Al-Akaria" or "The company" announcement published previously on Tadawul website on 30/10/2024 G corresponding to 27/04/1446 AH regarding the opening of nomination period for membership of the Board of Directors for the next term. Al-Akaria announces the extension of the nomination period until Saturday 14/12/2024 G corresponding to 13/06/1446 AH and the amendment of the board's term to be 4 years, ending in 30 January 2029. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-10-30 Corresponding to 1446-04-27 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | Extension of the nomination period until Saturday 14/12/2024 G corresponding to 13/06/1446 AH. It was announced to the shareholders that the candidacy for membership of the Board of Directors of the company has been opened for the period extending from 31/01/2025 AD and for a period of three years ending on 30/01/2028 AD. We would like to inform you that the Extraordinary General Assembly held on Tuesday, November 26, 2024, corresponding to 24/05/1446H, approved the amendment of the company's Articles of Association. One of the amendments in the Articles of Association was Article 17 regarding the management of the company, which states that (The Company shall be managed by a Board of Directors composed of nine (9) members, elected by the ordinary general assembly provided that three (3) of them are independent members - or one-third of the Board members, whichever is more - for a period not exceeding four fiscal years. They may be re-elected in accordance with the rules set by the competent authority. In all cases, it is required that the members of the Board of Directors be natural persons). Therefore, the candidacy for membership of the Board of Directors for the next session will start from 31 January 2025, ending on 30 January 2029 (4 years). |
| Financial Impact on the change | None |
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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