June 20 .. “Dar Al-Arkan” GA to discuss authorizing BOD to ‎distribute interim profits for 2023‎

The Board of Directors of Dar Al-Arkan Real Estate Development Company called on shareholders to participate and vote in the Ordinary General Assembly meeting (the first meeting) scheduled to be held on Tuesday, June 20, where the items included voting on authorizing the Board of Directors to distribute interim profits, on a semi-annual or quarterly basis for the year Finance 2023 AD.

The remaining items on the assembly’s agenda are as follows:

1. Review and discuss the report of the Board of Directors for the fiscal year ending on 12/31/2022.
2. To vote on the appointment of the auditor of the company from among the candidates based on the recommendation of the audit committee; This is to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2023 AD, and the first quarter of the fiscal year 2024 AD, and determine his fees.
3. Voting on the business and contracts that will take place between the company and Sahel Finance Company as a related party and licensing it for the next year, in which the Chairman of the Board of Directors: / Youssef bin Abdullah Al-Shalash has a direct and indirect interest in it, and it is a financing for some clients of Dar Al-Arkan Company to buy housing . During the year 2022 AD, sales amounted to 3.8 million Saudi riyals, which were paid by Sahl Finance during the year, and there was no outstanding or due balance. They are continuous transactions that are renewed annually and take place in the normal course of business and according to the prevailing commercial terms and without any preferential terms.
4. Voting on the business and contracts that will be concluded between the company and Al-Khair Capital Company as a related party and licensing them for the next year, which each of the members of the Board of Directors: / Youssef bin Abdullah Al-Shalash and / Majid bin Abdul Rahman Al-Qasim has an indirect interest in it, which is the provision of financial advice to Dar Al-Arkan Company. During the year 2022 AD, there were no transactions that were conducted, and there was no outstanding or due balance. They are continuous transactions that are renewed annually and are carried out in the normal course of business and in accordance with the prevailing commercial terms and without any preferential terms.
5. Vote to absolve the members of the Board of Directors from liability for the fiscal year ending on 12/31/2022.
6. To vote on the disbursement of the total amount of one million five hundred thousand Saudi riyals as a reward for the members of the Board of Directors for the fiscal year ending on 12/31/2022 AD.