Ataa Educational GM to distribute SR40 mln for the year ending in July 2021

Ataa Educational Company announced on Monday  the results of the Ordinary General Assembly meeting (the first meeting), which was held on Sunday 07/11/2021 AD, via modern technology.

Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

First Item: Approval of the Board of Directors’ Annual Report for the fiscal year ending on 07/31/2021 AD.

Second Item: Approval of the company’s auditor’s report for the fiscal year ending on 07/31/2021 AD.

Third Item: Approval of the company’s financial statements for the fiscal year ending on 07/31/2021 AD.

Forth Item: Approval of the board of directors’ recommendation to distribute dividends to shareholders for the fiscal year ending on 07/31/2021 AD, with a total value of (40,000,000) forty million Saudi riyals, so that the share of each share is one (1) Saudi riyal at a rate of (10%) of the paid-up capital, provided that the eligibility is for the shareholders who own shares at the end of trading on the day of the general assembly and who are registered in the company’s shareholders register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the eligibility date, and the date of dividend payment will be determined later.

Fifth Item: Approval of the business and contracts that took place between the company and the vice-chairman of the Board of Directors, Dr. Ahmed bin Nasser Al-Mutib, in which he has a direct interest, and a member of the Board of Directors, Ms. Farah bent Ahmed Al-Mutib, has an indirect interest in them, which are lease contracts for the Middle East and Al-Feker complexes with a total value of (13,188,000) Saudi riyals without preferential conditions.

Sixth Item: Approval of the participation of the Board of Directors’ member, Mr. Othman bin Tariq Al-Qasabi, in a work that competes with the company’s business.

Seventh Item: Approval to absolve the Board of Directors’ members from liability for the fiscal year ending on 07/31/2021 AD.

Eighth Item: Approval to elect members of the Board of Directors from among the candidates for the next session, which begins on 11/8/2021, with a three years duration, ending on 07/11/2024. and they are:

1- Eng. Tariq bin Othman Al-Qasabi. (Non-executive)

2- Dr. Ahmed bin Nasser Al-Mutib. (Non-executive)

3- Mr. Thunayan Bin Suleiman Al-Thunayan. (Non-executive)

4- Mr. Mohammed bin Ali Al-Otayfi. (Independent)

5- Mrs. Farah bint Ahmed Al-Mutib. (Executive)

6- Mr. AbdulIlah Bin Saleh Al-Alsheikh. (Independent)

7- Mr. Abdulaziz bin Saeed Alamri. (Non-executive)

8- Dr. Abdurrahman bin Mohammed Al-Barrak. (Independent)

9- Mr. Othman bin Tariq Al-Qasabi. (Non-executive)

Ninth Item: Approval to disburse the amount of (1,350,000) Saudi riyals as a bonus to the members of the Board of Directors at the rate of (150,000) Saudi riyals for each member, for the fiscal year ending on 07/31/2021 AD.

Tenth Item: Approval of the formation of the Audit Committee, determining its tasks, working regulations, and remuneration of its members for the new session, starting from the date of 11/8/2021 AD until the end of the session on 07/11/2024 AD, noting that the committee members are:

1- Mr. AbdulIlah bin Saleh Al-AlSheikh (independent member).

2- Mr. Abdullah bin Tariq Al-Qasabi (Non-Executive Member).

3- Mr. Muhammed bin Ali Al-Otayfi (independent member).

Eleventh Item: Approval of authorizing the Board of Directors, after the beginning of its new session, to have the authority of the shareholders’ general assembly with the authorization contained in Paragraph (1) of Article 71 of the Companies Law, for a period of one year from the date of approval by the Shareholders’ General Assembly or until the end of the delegated Board of Directors’ session, whichever is earlier. This is in accordance with the conditions set forth in the regulatory controls and procedures issued in implementation of the Companies Law for Listed Joint Stock Companies.

Twelfth Item: Approval of appointing PKF Albassam & Partners as the company’s auditor from among the candidates based on the recommendation of the Audit Committee; This is for examining, reviewing and auditing the financial statements for the (second, third and fourth) quarters and the annual of the fiscal year ending on 07/31/2022 and for the first quarter of the financial year ending on 07/31/2023 with a total fee of 950,000 Saudi Riyals.