Amlak International for Real Estate Finance Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )
|Introduction||The Board of Directors of Amlak International for Real Estate Financing Company is pleased to announce the results of the ordinary general assembly meeting (first meeting)|
|City and Location of the General Assembly's Meeting||The assembly was held via advanced means of technology|
|Date of the General Assembly's Meeting||2021-05-24 Corresponding to 1442-10-12|
|Time of the General Assembly's Meeting||18:30|
|Percentage of Attending Shareholders||64.77%|
|Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees||The meeting was attended by the below name board members: |
Mr. Abdullah bin Ibrahim Al Howaish (Chairman)
Mr. Mansour bin Abdul Aziz Al Bosaili (Deputy Chairman)
Mr. Amr bin Mohammed Kamel
Mr. Khalid bin Abdul Aziz Al Rayes
Mr. Majid bin Abdulghani Faqih
Mr. Nasser Yousef Al Marzouqi
The following Board members did not attend the meeting:
Mr. Thamer bin Abdul Qadir Jan
Mr. Faisal bin Abdullah Al Omran
Mr. Sultan bin Fawwaz Al Hokair
|Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf||Mr. Abdullah bin Ibrahim Al Howaish (Chairman of Executive Committee) |
Mr. Majid bin Abdulghani Faqih (Chairman of Risk Committee)
Mr. Mansour bin Abdul Aziz Al Bosaili (Chairman of Nominations and Remunerations Committee)
Mr. Mohammed Abdul Aziz Alshaya
(Chairman of Audit Committee)
|Voting Results on the Items of the General Assembly's Meeting Agenda's||Item 1: Approved the Board of Directors' report for the fiscal year which ended 31/12/2020G. |
Item 2: Approved the auditor's report for the fiscal year which ended 31/12/2020G
Item 3: Approved the financial statements for the fiscal year which ended 31/12/2020G.
Item 4: Approved the Board’s recommendation to distribute cash dividends totaling 72,480,000 Saudi Riyals for the year 2020G, at the rate of 0.80 riyals per share, representing (8%) of the capital. Eligibility of profits shall be to the shareholders of the company who own the shares on the date of company's general assembly and who are registered in the company's shareholders’ register in the Depository Center at the end of the second trading day following the day of the company's general assembly meeting. The distribution date to be announced later.
Item 5: Approved the absolving the liability of Board members against their performance during the fiscal year which ended on 31/12/2020G.
Item 6: Approved the appointment of(KPMG) the company’s auditor from among the nominees based on the recommendation of the Audit Committee. The appointed auditor/s shall examine, review and audit the financial statements of quarter two, quarter three and the annual financial statements for the fiscal year 2021G and the financial statements for the first quarter of the fiscal year 2022G as well as determining the auditor’s fees.
Item 7: Approved the disbursement of an amount of 2,328,000 Saudi Riyals as a remuneration to the members of the Board for the fiscal year which ended 31/12/2020G.
Item 8: Approved the disbursement of an amount of 376,000 Saudi Riyals as a remuneration to the members of the Audit Committee for the fiscal year which ended 31/12/2020G.
Item 9: the Board’s resolution to appoint (Mr. Nasser Yousef Al Marzouki) as a/an (non-executive) board member starting from the date of his appointment on 07/01/2021G. to complete the Board term until the end of the current term on 03/06/2021G., succeeding the former member (Adel Hussain Ahmed Non- Executive).
Item 10: Approved the for election of the Board members for the next session, which will start on 04/06/2021G for a term of three years ending on 03/06/2024G.The following members were elected:
1. Mr. Abdullah bin Ibrahim Al Howaish(Independent)
2. Mr. Mansour bin Abdul Aziz Al Bosaili (Independent)
3. Mr. Amr bin Mohammed Kamel(Independent)
4. Mr. Mohammed Abdul Aziz Alshaya(Independent)
5. Mr. Khalid bin Abdul Aziz Al Rayes(Non-executive)
6. Mr. Majid bin Abdulghani Faqih(Non-executive)
7. Mr. Nasser Yousef Al Marzouqi(Non-executive)
8. Mr. Abdullah Turki Alsudairy (executive)
9. Mr. Ali Mohammed Alshamali (Non-executive)
Item 11: Approved the formation of the Audit Committee, and the definition of its duties, work regulations and remuneration of its members for the new session which will start from 04/06/2021G until expiry of the session on 03/06/2024G. The committee members are as follows:
1. Mr. Mansour Abdulaziz Al Bosaili
2. Mr.Mohammad Abdulaziz Al Shayea’
3. Mr. Khaled Abdulaziz Al Rayes
4. Mr. Nasser Sahaj Al Shaibani
Item 12: Approved the business and contracts concluded between Amlak International and the Saudi Investment Bank, in which members of the Board of Directors, Mr. Faisal bin Abdullah Al Omran, Mr. Majid Abdulghani Fakih, and Mr. Khalid bin Abdulaziz Al Rayes have indirect interest. The Saudi Investment Bank possesses 22.40% of shares represented in Amlak International, in the form of renewing the credit facilities with the bank in an amount totaling SAR 664,500,000 for one year. The value of facilities provided in 2020G was SAR 451,182,759 and without preferential conditions.
Item 13: Approved the participation of Board member, Mr. Majid Abdulghani Fakih in a business that competes with the business of the company.
Item 14: Approved the participation of Board Member, Mr. Nasser Yousef Al Marzouki, in a business that competes with the business of the company.
Item 15: Approved the amending the Remunerations policy for Board members and its committees and the Executive Management
Item 16: Approved the amending Board membership policies, standards, and procedures.
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