BATIC Agrees to Number of Business and Contracts with Related Parties

Batic Investments and Logistics Company announced on Tuesday the results of the general assembly meeting (first meeting), which was held remotely using modern means.

The company said in a statement to on Tadawul on Tuesday that the general meeting was held with an attendance rate of 38%, and that was done remotely and through the use of modern technology means.

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

1. Approval on the Board of Directors’ report for the fiscal year ending on 31/12/2021

2. Approval on the auditor’s report on the Company’s accounts for the fiscal year ending on 31/12/2021

3. Approval on the financial statements for the fiscal year ending on 31/12/2021

4. Approval on the release of members of the Board of Directors from liability for the fiscal year ending 31/12/2021

5. Approved the appointment of the company’s external auditor Ernst & Young (EY), from among the candidates based on the Audit Committee’s recommendation. The appointed auditor/s shall examine review, and audit the second, third, fourth and annual financial statements of the fiscal year 2022, and the 1st quarter of the fiscal year 2023 and determination of the auditor remuneration.

6. Approval on the decision of the Board of Directors issued on April 18, 2022 to appoint Mr. Fahd bin Muhammad Al-Obailan as an independent member starting from the date of April 18, 2022 in the current session of the board of directors, which ends on April 02, 2023 instead of the member Eng. Majid bin Abdullah Al-Issa (non-executive member).

7. approval on delegating to the board of directors the authority of the general assembly according to the license mentioned in clause (1) of Article No 71 of the Companies Act for one year from date of approval of the ordinary general assembly, pursuant to the conditions stated in the regulatory controls and procedures issued by CMA to put into effect the Companies Law related to the enlisted joint stock companies.

8. Approval on the business and contracts that have been made between BATIC and Smart Solutions; which consists of the purchase of the entire shares owned by Smart Solutions which is 40 shares and 4% of the capital of SCSC, as well as its money, rights, and obligations, with an amount of SR 12,000,000 without any detailed conditions; which the Chairman, Mr. Ahmed Al-Sanea, and member of the Board of Directors, Mr. Firas Al-Bawardi, have an indirect interest in the form of both having ownership in the capital of SCSC.

9. .Approval on the contracts and business that’s been done between BATIC and Mr. Alwaleed Khalid Almuqbil. This includes the purchase of all his shares in the capital of Smart Cities Solutions Co. in the form of 26 shares which make up 2.6%. It will also include any rights or commitments that he has for SR 7,800,000 without any preferential terms. The Chairman, Mr. Ahmed Al-Sanea, and member of the Board of Directors, Mr. Firas Al-Bawardi, have an indirect interest in the form of both having ownership in the capital of Smart Cities Solutions Co.