Amlak GA approves BOD recommendation to distribute cash dividends of SAR 72.5 mln for 2022

The Board of Directors of Amlak International Finance Company announced the results of the Ordinary general assembly meeting (first meeting) held on Monday corresponding to 02.05.2023 via Modern Technology Means.

Voting Results:

1-The Board of Directors’ report for the fiscal year ending on Dec. 31, 2022 was viewed and discussed.

2-Approval on the auditor report for the fiscal year ended on Dec. 31, 2022.

3-The financial statements for the fiscal year ended on Dec. 31, 2022 were viewed and discussed.

4-Approval on the Board’s recommendations to distribute dividends amounting to SAR 72,480,000 to the shareholders for financial period ended on Dec. 31, 2022, at the rate of SAR 0.80 per share, representing (8%) of the share nominal value. Provided that the entitlement to dividends is for shareholders holding the shares by the end of the trading day of the General 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 day of the company’s general assembly meeting. The dividends distribution date will be on Monday corresponding to 15.05.2023.

5-Approval on absolving the members of the Board of Directors from their liabilities for the fiscal year ending on Dec. 31, 2022.

6-Approval on the appointment of the company’s auditor (Price Waterhouse and Coopers) from among the candidates based on the Audit Committee’s recommendation, to examine, review, and audit the (second, third, and annual) of financial statements of the fiscal year 2023, and the first quarter of the fiscal year 2024 and determination of the auditor’s fees.

7-Approval on the businesses and contracts conducted between Amlak International Finance Company and Saudi Investment Bank, in which board members, Mr. Majed Abdulghani Fakeeh (General Manager of Corporate Banking at The Saudi Investment Bank) and Mr./ Khalid bin Abdulaziz Al Rayes (CEO of Alistithmar Capital which It is 100% owned by the Saudi Investment Bank), have indirect interest. The Saudi Investment Bank possesses 22.4% of shares represented in Amlak International, the contract was renewing a credit facility with the bank in amount totaling SAR 664,500,000 for one year, noting that the outstanding facilities (without accrued profit) until the end of the year 2022 amounted to SAR 592,307,692 and without preferential conditions.