StC Assembly Approves Business, Contracts with Walaa Amounting to SR19.3 mln

Saudi Telecom Company (StC) (the Company) announced on Wednesday to its esteemed shareholders the results of the Ordinary General Assembly meeting (First Meeting) held on Thursday 21.02.2022. The percentage of attending shareholders is 81.14.

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

1. Approve appointing the auditor Ernst & Young & Partners (EY) as auditor of the Company from the selected candidates based on the Audit Committee’s recommendation. The appointed auditor shall examine, review and audit the (second and third) quarters and annual financial statements of the fiscal year 2022, and the first quarter of the fiscal year 2023. In addition to, the determination of the auditor’s remuneration.

2. Approve amending the Audit Committee Charter.

3. Approve the business and contracts between stc and Walaa Cooperative Insurance Company (Walaa), in which Mr. Jameel A. Al-Mulhem, has an indirect interest being a Member of the Boards of Directors of stc and Walaa. The disclosed indirect interest is regarding the agreement with Walaa, which includes signing a supplementary contract to provide stc with insurance coverage for six years starting 10.12.2021 for an amount of SR.19.3 million. The signed supplementary contract was part of the ordinary businesses that have offered no preferential advantages.