Saudi Electricity Company invites its shareholders to attend the 22nd Ordinary General Assembly (first meeting) virtually.
|Introduction||The Board of Directors of Saudi Electricity Company is pleased to invite the shareholders to attend the 22nd Ordinary General Assembly meeting, (first meeting) scheduled at 10:00 pm, Tuesday, 15/09/1442 H (corresponding to 27/04/2021 G), which will be held (Virtually) in support of the preventive and precautionary efforts and procedures of competent health authorities and related parties to combat COVID-19, and in continuation of the ongoing efforts of all government entities in KSA to prevent the spread of the COVID-19 virus.|
|City and Location of the General Assembly's Meeting||Through modern technology means from the Company’s office in Riyadh via Tadawulaty System|
|URL for the Meeting Location||http://www.tadawulaty.com.sa|
|Date of the General Assembly's Meeting||2021-04-27 Corresponding to 1442-09-15|
|Time of the General Assembly's Meeting||22:00|
|Attendance Eligibility||Each shareholder registered in the Company’s Shareholders Register maintained at the Depository Center at the end of the trading session preceding the General Assembly meeting is eligible to attend the General Assembly meeting according to the rules and regulations.|
|Quorum for Convening the General Assembly's Meeting||The General Assembly meeting shall only be valid if attended by shareholders representing at least half of the capital. If the quorum required for holding this meeting is not present, an invitation shall be sent to a second meeting to be held within thirty (30) days from the date of the previous meeting, and such second meeting shall be valid irrespective of the number of shares represented.|
|General Assembly Meeting Agenda||1. Voting on Board of Directors' Report for the fiscal year ending on 31/12/2020 G. |
2. Voting on the auditor/s report on the Company’s accounts for the fiscal year ending on 31/12/2020 G.
3. Voting on the financial statements for the fiscal year ending on 31/12/2020 G.
4. Voting on the Board’s recommendations to distribute dividends amounting to (2,916,615,671 SAR) to the shareholders for the fiscal year ending on 31/12/2020 G, at an amount of (70 Halala) per each share, representing (7%) of the capital. Provided that the entitlement to dividends is for shareholders holding the shares by the end of the trading day of the assembly date, and who are registered in the Company's shareholders registry held with the Securities Depository Center Company (Edaa) at the end of the second trading day following the entitlement date, (the distribution date to be announced later).
5. Voting on discharging the liability of the Board members for the fiscal year ending on 31/12/2020 G.
6. Voting on paying an amount of (892,500 SAR) as remuneration to the Board members for the fiscal year ending on 31/12/2020 G.
7. Voting on appointing the auditor for the Company from among the candidates based on the Audit Committee's recommendation. The appointed auditor shall examine, review and audit the (second, third, and fourth) quarters and annual financial statements, of the fiscal year 2021 G, the (first, second, third, and fourth) quarters and annual financial statements, of the fiscal year 2022 G and the first quarter of the fiscal year 2023 G., and the determination of the auditor's remuneration.
8. Voting on delegating to the Board of Directors the authorisation powers of the General Assembly stipulated in paragraph (1) of Article 71 of the Companies Law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions set forth in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies.
9. Voting on amending the regulations of the Nomination, Remunerations Committee Charter. (Attached)
10. Voting on increasing the number of Audit Committee seats from (4) to (5) seats, whereby the number of Audit Committee members becomes (5) members, by appointing (Dr. Ammr Khaled Kurdi - From outside the board) Independent member in the Audit Committee, starting from the date of the assembly's approval until the end of the current committee’s term of office on 20/01/2024 G. (CV attached)
11. Voting on the business and contracts concluded between the Company and (GCC ELECTRICAL TESTING LABORATORY), in which the Board members (DR. Khalid Alsultan, Dr.Najm Al-zaid, Mr. Rashed bin Ibrahim Sharif, Eng. Abdulkarim bin Ali Al-Ghamdi, Dr. Raed bin Nasser Al-Rayes and Eng. Gerard Mestrallet) who are the representatives of the Public Investment Fund, as well as the Board member (Abdulkarim bin Ali Alghamdi) who is the representative of Saudi Aramco Power Company, have an indirect interest. This business is (participating in the paid-up capital increase of the GCC ELECTRICAL TESTING LABORATORY in the same percentage of its equity) and in amount of (SAR 63 Million). (Attached)
|E-Vote||The shareholders registered in Tadawulaty services may vote remotely on the items of the General Assembly agenda, starting from 10:00 am, Friday11/09/1442H (corresponding to 23/04/2021) until the end of the General Assembly meeting. Registration in and voting via Tadawulaty will be available and free of charge for all shareholders via this link: www.tadawulaty.com.sa|
|Eligibility for Attendance Registration and Voting||Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes|
|Method of Communication||Should you have any inquiries about the General Assembly, feel free to contact: |
or email: SEC-SH@se.com.sa
|Additional Information||Shareholders can direct questions and inquiries related to items of the General Assembly during the meeting via the broadcasting link that will be forwarded to the shareholders via Tadawulaty service. |
For the inquires to be accepted, the full name and ID of the shareholder must be given.
The Capital Market Authority and the Saudi Stock 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.