AlHokair Group General Assembly Agrees to Redirect Offering Proceeds Use

The Board of Directors of abdulmohsen alhokair group for toursim and development announced on Thursday the results of the Ordinary General Assembly meeting (first meeting) after completed the Quorum for Convening as per the company bylaws and the company’s law, which was held on Wednesday, through modern technology, from the company’s headquarters in Riyadh. The percentage of attending shareholders is %51.36.

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

1. Approved on redirecting the offering proceeds use as mentioned in the results announcement on 08.08.2021 which was mentioned in the prospectus published on 20.06.2021.
2. Approved on the business and contracts that took place between the company and Abdul Mohsen Abdulaziz Al Hokair Holding Group, in which the members of the Board of Directors have an indirect interest, namely, Mr. Musaed Al Hokair, Mr. Majid Al Hokair and Mr. Sami Al Hokair, which is a rental contract for the Holiday Hotel in Al Khobar Corniche, knowing that the transactions for the previous year It is (SAR5,093,490), equivalent to 20% of the total revenues without preferential terms or benefits.
3. Approved on the business and contracts that took place between the company and Abdul Mohsen Abdulaziz Al Hokair Holding Group, in which the members of the Board of Directors have an indirect interest, namely, Mr. Musaed Al Hokair, Mr. Majid Al Hokair and Mr. Sami Al Hokair, which is a rental contract for a building attached to the Holiday Inn Hotel Jeddah Gate (Jeddah). Note that the transactions for the previous year are (SAR34,706), which is equivalent to 15% of the total revenue without preferential conditions or benefits.
4. Approved on on the business and contracts that took place between the company and Tanami Arabia Ltd., in which the members of the board of directors have an indirect interest, namely, Mr. Musaed Al Hokair, Mr. Majid Al Hokair and Mr. Sami Al Hokair, which is a rental contract for an administrative office and Diamond Card office (Dammam), noting that the transactions For the previous year, it is SAR 726,000 + 57,500 (Diamond office) without preferential conditions or benefits.
5. Approved on the business and contracts that took place between the company and Abdul Mohsen Abdulaziz Al Hokair Holding Group, in which the members of the Board of Directors have an indirect interest, namely, Mr. Musaed Al Hokair, Mr. Majid Al Hokair and Mr. Sami Al Hokair, which is an agreement for maintenance, operation and cleaning services, noting that the transactions for the previous year are SAR (2,615.089) without conditions or preferential benefits.
6. Approved on the business and contracts that took place between the company and MENA Education and Human Resources Development Company (Abdul Mohsin Al Hokair Institute for Hotel Training), in which the members of the Board of Directors have an indirect interest. The transactions for the previous year are (SAR1,071,187) without preferential conditions or benefits.
7. Approved on the business and contracts that were made between the company and the Riyadh Company for Tourism, Entertainment and Commercial Projects, in which the members of the Board of Directors have an indirect interest, namely, Mr. Musaed Al Hokair, Mr. Majid Al Hokair and Mr. Sami Al Hokair, which is a contract for renting games (video games) for the Al Hokair Land website. The transactions for the previous year are (SAR20,945), which is equivalent to 60% of the total revenue without preferential conditions or benefits.
8. Approved on amending the investment agreement of Half Moon Hotel – Mina Holiday Resort – with Half Moon Resort Company (Related Party).
9. Approved on amending the policy regulation for the remuneration of the Board of Directors, its committees and the executive management.