The Savola Group Announces the Results of the General Assembly Meeting (No.42) (First Meeting)

Element ListExplanation
Introduction The Savola Group Board is pleased to announce the results of the General Assembly (GA) Meeting No. (42) which was held on Tuesday 20 September 2022 at 07:30 PM corresponding to 24 Safar 1444H (as per Um Al-Qura Calendar) after satisfying the required legal quorum for the GA meeting as per the Company’s bylaws.
City and Location of the General Assembly's Meeting At Savola’s Headquarter in Jeddah, Al-Shati District – Savola Tower via modern technology means (online through Tadawulaty electronic voting services/systems
Date of the General Assembly's Meeting 2022-09-20 Corresponding to 1444-02-24
Time of the General Assembly's Meeting 19:30
Percentage of Attending Shareholders 65.51%
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. Sulaiman A. Al Muhaidib (Chairman of the Board)

2-Mr. Bader A. Alissa (Vice Chairman of the Board)

3-Mr. Ahmed Wazea Al Qahtani

4-Mr. Ahmed Abdulrahman Al Humaidan

5-Eng. Mutaz Q. Alazzawi

6-Mr. Essam Majed Al Muhaidib

7-Mr. Fahad A. Al Kassim

8-Mr. Bader H. Al Rabiah

9-Mr. Rakan A. Al-Fadl

10-Mr. Waled Abdullah Al Ghreri

11-Mr. Mohammed I. Alissa

The meeting was also attended by Mr. Waleed Fatani, Savola Group’s CEO.

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 attended the meeting:

1- Mr. Fahad A. Al Kassim. (Chairman of Audit Committee)

2- Mr. Rakan A. Al-Fadl. (Chairman of Remuneration and Nomination Committee)

3- Eng. Mutaz Q. Alazzawi. (Chairman of Investment Committee)

Voting Results on the Items of the General Assembly's Meeting Agenda's With the majority of votes, the GA approved the agenda item related to the businesses and contracts which will be executed between Savola Group and Taiba Investments Company, in which Mr. Badr Al Issa (Savola Vice-Chairman) and two of Savola Board members (Mr. Mohammed Al Issa and Eng. Mutaz AlAlazzawi) have an indirect interest. Both Mr. Badr Al Issa and Mohammed Al Issa have a relative who is a major shareholder in Taiba investment Co. (the buyer) and Eng. Mutaz Al Azzawi has a relative in Taiba investment Co. who is a Board Member. The agreement is to sell Savola’s entire shares of 11.47% that includes (6.40%) as direct ownership in Knowledge Economic City Co. and (5.07%) as indirect ownership through its shareholding in Knowledge Economic City Developers Co. Limited after obtaining the necessary approval of the regulatory authorities or contractual parties .However, in case the two parties were unable to obtain any of the required approvals to complete the transaction or if they were unable to fulfill any of the legal procedures and conditions precedent within (120) days from the date of the Agreement signature, the two parties, by written agreement, may either cancel the transaction and terminate this Agreement, or extend it for an additional period, or partially cancel the transaction. The transaction total value amounted to SAR 459.26 million and there are no 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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