AlSaif Gallery GA approves division of share nominal value from SAR 10 to SAR 1

AlSaif Stores for Development and Investment Co announces the results of its Extraordinary General Assembly meeting (first meeting) after the legal quorum was secured, as the results of the voting on the assembly agenda.

Agenda of the Extraordinary General Assembly Meeting of AlSaif Stores for Development and Investment Co (First Meeting):

1. The report of the Board of Directors for the fiscal year ending on 12/31/2022 was reviewed and discussed.
2. Approval on the auditor report on the Company’s accounts for the fiscal year ending on 31/12/2022G
3. The financial statements for the fiscal year ending on 12/31/2022 AD were viewed and discussed.
4. Approval on appointing the auditor for the Company from among the candidates based on the Audit Committee’s recommendation, the appointed auditor/s shall examine, review and audit the second, third, fourth quarter and annual financial statements of the fiscal year 2023G, and the first quarter of the fiscal year 2024G and the determination of the auditor remuneration.
5. Approval on absolving the Members of the Board Directors from their liabilities for the fiscal year ending on 31/12/2022G
6. Approval to pay an amount of (SAR 393,000) as remuneration to the Board members for the fiscal year ending on 31/12/2022G.
7. Approval to authorize the Board of Directors to distribute interim profits on a semi-annual or quarterly basis for the fiscal year 2023.
8. Approval on delegating to the Board of Directors the authorization powers of the General Assembly stipulated in paragraph (1) of Article (27) of the Companies Law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions set forth in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies
9. Approval on the business and contracts concluded between the company and the Nawat Real Estate Investment Company, for which the members of the Board of Directors / Suleiman bin Muhammad Al-Saif, Ahmed Suleiman Al-Saif, Muhammad Suleiman Al-Saif, Haitham Suleiman Al-Saif, Muhannad Suleiman Al-Saif have a direct interest, which is the rent of offices and branches and the purchase of the Tabuk building. The transactions amounted to 42,360,213 Saudi riyals for the year 2022 AD, there are no preferential conditions in this transaction.
10. Approval on the business and contracts that concluded between the company and Al-Saif Trading Agencies Company, in which a member of the Board of Directors / Sulaiman bin Muhammad Al-Saif has a direct interest, which is a supply of goods, and the value of transactions amounted to 59,718,833 Saudi riyals for the year 2022 AD, there are no preferential conditions in this transaction.
11. Approval on the transactions concluded between the company and the Chairman of the Board of Directors Mr. Sulaiman bin Muhammad AlSaif, in which Mr. Sulaiman bin Muhammad Al-Saif has a direct interest.

The transactions are expenses paid on behalf of a shareholder, and the value of transactions amounted to 13,542,802 Saudi riyals for the year 2022 AD, there are no preferential conditions in this transaction.

12.Approval on the business and contracts that concluded between the company and Al-Saif Coffee Company in which a member of the Board of Directors / Ahmed bin Sulaiman Al-Saif has a direct interest. The transaction is related to the supply of goods, and the value of transactions was 2,196,883 Saudi riyals for the year 2022 AD, there are no preferential conditions in this transaction.

1. Approval on amending the company’s bylaw to comply with the new companies’ law and rearranging the articles of the system and numbering them to comply with the proposed amendments.
2. Approval on transferring the balance of the statutory reserve amounting to (25,579,456) riyals as in the financial statements for the year ending on 12/31/2022 to retained earnings.
3. Approval on the division of the company’s shares according to the following: – The nominal value of the share before the amendment: (10) Saudi riyals. – The nominal value of the share after the adjustment: (1) Saudi riyals. – The number of shares before the amendment: 35,000,000 shares. – Number of shares after modification: 350,000,000 shares. – There is no change in the company’s capital before and after the stock split. Effective date: If the clause is approved, the division decision will be effective for all shareholders of the company who own shares on the day of the extraordinary general assembly and are registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly. The effect of the decision will be applied to the share price, starting from the business day following the meeting, provided that the decision will be implemented in relation to the number of shares in shareholders’ portfolios on the second trading day following the date of the extraordinary general assembly in which it was decided to divide the shares. – Amending Article No. (7) of the company’s bylaws related to (the company’s capital).