Networkers Transfers SAR 11.2 Million from Statutory Reserve to Retained Earnings

Saudi Networkers Services Co. announced on Monday the results of the Extraordinary General Assembly Meeting (First Meeting), where it was approved to transfer the statutory reserve balance of 11.21 million riyals as in the annual financial statements ending on Dec. 31, 2023 to the retained earnings balance of 44.04 million riyals as in the semi-annual financial statements ending on June 30, 2024.

The rest of the voting results on the assembly’s agenda were as follows:

– Approval of amending the Governance Regulations.

– Approval of amending the Audit Committee Regulations.

– Approval of the Nomination and Remuneration Committee Regulations.

– Approval of the Remuneration Policy for Board Members, Subsidiary Committees, and Executive Management.

– Approval of the Standards and Procedures for Membership in the Board of Directors.

– Approval of the Competition Controls and Standards for Board Members and Subsidiary Committees.