Saudi Azm GA Approves Company Purchase of 100,000 shares of its shares

Saudi Azm for Communication and Information Technology Company announced on Tuesday the results of the Extraordinary General Assembly meeting (First Meeting).The percentage of attending shareholders is 64.09%.

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

First: Approval on amending Article (first) of the company’s bylaws related to (transformation of the company).

Second: Approval on amending Article (Second) of the company’s articles of association related to (company name).

Third: Approval on amending Article (31) of the company’s bylaws related to (the quorum of the ordinary general assembly meeting).

Fourth: Approval on amending Article (32) of the company’s bylaws related to (the quorum of the extraordinary general assembly meeting).

Fifth: Approval on the amendment of (Article 53) of the company’s bylaws related to (the company’s purchase, mortgage and sale of its shares).

Sixth: Approval on the work list of the Nomination and Remuneration Committee.

Seventh: Approval on appointing Ernst & Young Professional Services as an auditor for the company from the selected candidates based on the Audit Committee’s recommendation. This is for examining, reviewing and auditing the semi-annual and annual financial statements for the fiscal year 2022, and for examining, reviewing and auditing the semi-annual and annual financial statements for the fiscal year 2023, and determining its fees.

Eighth: Approval on the program of shares allocated to employees and approved by the company’s board of directors on 05-07-2022 and authorize the Board of Directors to determine the terms of this program, including the allocation price for each share offered to employees, if it is for a fee.

Ninth: Approval on the company’s purchase of a number of shares and a maximum of (100,000) of its shares in order to allocate them to the company’s employees within the employee stock program. And appoint the board of directors on their behalf to complete the purchase within 12 months from the extraordinary general assembly. The company will keep the purchased shares for a period not exceeding (5) years from the date of approval of the extraordinary general assembly as a maximum until they are allocated to the eligible employees, and after the expiry of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.