Red Sea GA approves contracts concluded with relevant parties

Red Sea International announced the results of the Ordinary General Assembly meeting (First Meeting), which was held on Wednesday, whereas the meeting’s results included approval of the contracts concluded between Red Sea International Company and Mr. Saleh Mohammed Bin-Laden (previous Board Member) to rent a portion of a plot in Rabigh to build a residential complex for the employees of the companies operating in the region for an annual amount of SAR 883,390.95, whereby Mr. Saleh Bin-laden (previous Board Member) has a direct interest in this contract in 2021 in his capacity as a landowner. This contract does not have any preferential conditions.

The Membership of Mr. Saleh Bin-Laden in the Board of Red Sea International Company expired on May 9, 2021.

The company stated on Tadawul that the meeting’s results were as follows:

-The Board of Directors “Annual Report” for the Financial Year ended on 31.12.2022 was approved and discussed.

-Approval of the Independent Auditor Report for the Financial Year ended 31.12.2022.

-Approval of the Financial Statements for the Financial Year ended on 31.12.2022 and discuss.

– Approval of the appointment of the company’s External Auditor from among the candidates nominated based on the recommendation of the Audit Committee, to review and audit financial statements for the second quarter, third quarter, fourth quarter, and the annual for the financial year 2023, in addition to the first quarter of the financial year 2024 and determine its fees.

– Approval of the payment of SAR 3,386,000 as remuneration to Board Members for the financial year ended on 31.12.2022.

– Approval of delegating the Ordinary General Assembly’s powers to the Board of Directors as stipulated in paragraph (1) of Article (27) of the Companies Law, for a period of one year from the General Assembly’s approval, or until the end of the Board of Directors’ term whichever is earlier, in accordance with the terms stated in the Regulatory Rules and Procedures issued pursuant to the Companies Law related to listed joint-stock companies.

– Approval of absolving the members of the Board of Directors from liability for the year ending 31-12-2022.