Al-Babtain GA Approves Interim Dividend Distribution for 2025

Al-Babtain Power and Telecommunication Co. announced on Sunday the results of its Ordinary General Assembly Meeting (First Meeting), which included the following:

1. Review and discussion of the Board of Directors’ report for the fiscal year ending Dec. 31, 2024;

2. Review and discussion of the financial statements for the fiscal year ending Dec. 31, 2024;

3. Approval of the company’s auditor report for the fiscal year ending Dec. 31, 2024, following discussion;

4. Approval of the appointment of Dr. Mohammed Al-Amri & Co. as the company’s auditor, from among the candidates nominated by the Audit Committee, to examine, review, and audit the financial statements for the second, third, and annual quarters of fiscal year 2025, and the first quarter of fiscal year 2026. The auditor’s fees were set at SAR 1.635 million, excluding Value-Added Tax (VAT);

5. Approval of the Board of Directors’ delegation of the authority of the Ordinary General Assembly to the company under Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the term of the authorised Board of Directors—whichever comes first—in accordance with the conditions stipulated in the Executive Regulations of the Companies Law for listed joint-stock companies;

6. Approval of the Board of Directors’ delegation to distribute interim dividends semi-annually or quarterly for the fiscal year ending Dec. 31, 2025;

7. Approval of business and contracts concluded for the fiscal year ending Dec. 31, 2024, between the company and Al Babtain Contracting Company (LLC), in which Board Members Ibrahim Hamad Abdullah ABabtain, Abdulkareem Hamad Abdullah Al Babtain, and Khaled Mohammed Abdullah Abdulrahman ABabtain have indirect interests. These contracts represent sales valued at SAR 15.3 million, with no preferential terms;

8. Approval of business and contracts concluded for the fiscal year ending Dec. 31, 2024, between the company and Al-Babtain Trading Company (LLC), in which the same Board Members have indirect interests. These contracts represent purchases worth SAR 22,500, with no preferential terms;

9. Approval of the amendment to the Audit Committee’s bylaws; and

10. Approval of the amendment to the Nominations and Remuneration Committee’s bylaws