Mouwasat GA Approves BOD Recommendation to Distribute 275 mln Profits for 2021

The Board of Directors of Mouwasat Medical Services announced on Tuesday the results of the AGM (First Meeting). The percentage of attending shareholders is 72.69%.

Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

1- Approval of the Board of Directors’ report for the fiscal year ended December 31,2021

2- Approval of the auditor report on the Company’s accounts for the fiscal year ended December 31,2021

3- Approval of the financial statements for the fiscal year ended December 31,2021

4- Approval of appointing KPMG Al Fozan & partners the Auditor for the Company from among nominees based on the Audit Committee’s recommendation. The appointed auditor shall examine, review, and audit the (second and third) quarter and annual financial statements, of the fiscal year 2022, and the first quarter of fiscal year 2023, and the determination of the auditor’s fees.

5- Approval of the Board’s recommendation to distribute cash dividends amounting to SR 275 million to the shareholders for the fiscal year ended 31/12/2021 G. at SR 2.75 per share representing 27.5% of the nominal value of the share. Provided that the entitlement to dividends is for shareholders holding the shares by the end of the trading day of 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 disbursement of dividends will begin by transferring them to accounts associated with the portfolios of eligible shareholders as of Thursday, 19/05/2022 through the Paying agent – Securities Depository Center Company (Edaa), and any shareholder in the event of a failure of deposit in his account can contact the Paying agent – Securities Deposit Center (Edaa) or communicate with the Company via email: shares@mouwasat.com.

6- Approval of paying an amount of SR 3,150,000 as remuneration to the Board members for the year ended 31/12/2021

7- Approval of the business and contracts that will be concluded between the Company and Mouwasat International Co. Limited, in which the Board members Mr. Mohammed Sultan Al Subaie and Mr. Nasser Sultan Al Subaie have a direct interest, and the Board member Mr. Mohammed Suleiman Al Saleem has an indirect interest, and the nature of transaction is a rental contract of a residential for the Company’s employees in Dammam and Jubail according to the Company’s procurement system without preferential terms, with the value of transactions in 2021 amounted to SR 2,676,000.

8- Approval of the business and contracts that will be concluded between the Company and Mouwasat international Co. limited, in which the Board members Mr. Mohammed Sultan Al Subaie and Mr. Nasser Sultan Al Subaie have a direct interest, and the Board member Mr. Mohammed Suleiman Al Saleem has an indirect interest, and the nature of transaction is for medical and pharmaceutical supplies in accordance with the Company’s procurement system without preferential terms, value of transactions during 2021 amounted to SR 14,192,164.

9- Approval of the business and contracts that will be concluded between the Company and Mouwasat International Co. limited, in which the Board members Mr. Mohammed Sultan Al Subaie and Mr. Nasser Sultan Al Subaie have a direct interest, and the Board member Mr. Mohammed Suleiman Al Saleem has an indirect interest, and the nature of transaction is for tickets and tourism and travel services according to the Company’s system without preferential terms, noting that the value of transactions during 2021 amounted to SR 8,799,241.

10- Approval of the business and contracts that will be concluded between the Company and Mouwasat International Co. limited, in which the members of the of Directors Mr. Mohammed Sultan Al Subaie and Mr. Nasser Sultan Al Subaie have a direct interest, and the Board member Mr. Mohammed Suleiman Al Saleem has an indirect interest, and the nature of transaction is the supply of trained technical labor in accordance with the Company’s system without preferential terms, noting that the value of transactions during 2021 amounted to SR 1,027,682.

11- Approval of the business and contracts that will be concluded between the Company and Mouwasat International Co. limited, in which the Board members Mr. Mohammed Sultan Al Subaie and Mr. Nasser Sultan Al Subaie have a direct interest, and the Board member Mr. Mohammed Sulaiman Al Saleem has an indirect interest, and the nature of transaction is the supply and installation of stainless steel works in accordance with the Company’s procurement system without preferential terms, with the value of transactions during 2021 amounted to SR 2,356,613.

12- Approval of the business and contracts that will be concluded between the Company and Advision for trading Est., in which the Board member Mr. Khalid Suleiman Al Saleem has an indirect interest, and the nature of transactions are of advertising and marketing related in accordance with the Company’s procurement system without preferential terms, value of transactions during 2021 amounted to SR26,915,749.

13- Approval of the participation of the Board member Mr. Nasser Sultan Al Subaie in a business competing with the Company’s business.

14- Approval of the participation of the Board member Mr. Mohammed Suleiman Al Saleem in a business competing with the Company’s business.

15- Approval to stop the retention rate of ten percent (10%) of the net profits to form a statutory reserve for the company, due to the fact that the statutory reserve balance as of December 31, 2020 reached 30% of the capital, starting from the company’s financial results ending on December 31, 2021

16- Approval to release Board members from liability for the period ended 31st of December 2021.