Mulkia GA approves transfer of SAR 2.4 million from statutory reserve to retained earnings

Mulkia Investment Company announced on Sunday the results of its Extraordinary General Assembly Meeting (first meeting) held on June 6, 2024. During the meeting, it was agreed to transfer SAR 2.4 million from the statutory reserve to retained earnings.

Voting Results:
The financial statements for the financial year ending on 12/31/2023 were reviewed and discussed.
2- Approval of the auditor’s report for the financial year ending on 12/31/2023 after discussing it.

3- The Board of Directors’ report for the financial year ending on 12/31/2023 was reviewed and discussed.

4- Approval of discharging the members of the Board of Directors from their liabilities for the financial year ending on 12/31/2023.

5- Approval of disbursing an amount of 345,000 riyals as a reward to members of the Board of Directors for the fiscal year ending on 12/31/2023.

6- Approval of the business and contracts that took place between the company and the Mobtakra Real Estate Company, in which the member of the Board of Directors, Mr. Mohamed bin Ghanem Al-Anazi, has an indirect interest, which is the payment of commissions to the Mobtakra Real Estate Company. The value of the transaction during the year 2023 amounted to 450,000 (four hundred and fifty thousand Saudi riyals) and there are no preferential conditions.

7- Approval of the appointment of Messrs. Ibrahim Ahmed Al-Bassam and Partners PKF as the company’s auditor from among the candidates, based on the recommendation of the Audit Committee, in order to review and audit the semi-annual and annual financial statements for the fiscal year 2024 , with fees amounting to (250,000) two hundred and fifty thousand Saudi riyals, excluding VAT.

8- Approval of amendment to the company’s governance regulations.

9- Approval of authorizing the Board of Directors to distribute interim dividends to shareholders on a semi / quarterly basis for the fiscal year 2024.

10- Approval of delegating to the Board of Directors the authority of the General Assembly with the authorization contained in Paragraph No. (1) of Article No. (27) of the Companies Provisions System and in accordance with the conditions contained in the Executive Regulations of the Companies System for listed joint stock companies, provided that the authorization period is one year from the date Approval of the General Assembly or until the end of the session of the authorized Board of Directors, whichever comes first.

11- Approval of amending Article Fourteen of the company’s bylaws, which relates to stock trading.

12- Approval of deleting Article Fifteen from the company’s bylaws, which relates to the shareholder registry.

13- Approval of deleting Article Sixteen from the company’s bylaws, which relates to share certificates.

14- Approval of amending Article Twenty of the company’s bylaws, which relates to company management.

15- Approval of the Board of Directors’ recommendation to transfer the balance of the statutory reserve amounting 2,468,184 riyals, as in the financial statements for the year ending 12/31/2023, to the retained earnings