Wednesday, 28 September 2022

Catering GA Approves Delegating BOD to Distribute Interim Dividends for 2022

Saudi Airlines Catering Company announced on Thursday to ‎its Shareholders’ the results of its Extra Ordinary General Assembly meeting (First Meeting) held on Wednesday 11/05/2022.The percentage of attending shareholders is 51,93.

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

1. Approval on the Board of Directors’ report for the fiscal year ending on 31st December 2021.

2. Approval on the financial statements for the fiscal year ending on 31st December 2021.

3. Approval on the auditor/s report on the Company’s accounts for the fiscal year ending on 31st December 2021.

4. Approval on appointing of Ernest & Young EY as the company’s external auditor for the financial audit and review of the Company’s financial statements for the second, third, and 2022 year end, and the first quarter of 2023 and determining their fees.

5. Approval on the discharge of the Board of Directors from the liability for their activities for the year ending on 31/12/2021.

6. Approval on delegating the Board of Directors to distribute interim dividends on a biannual/quarterly basis for the fiscal year 2022

7. Approval on paying an amount of (SR 3,800,000) as remuneration to the Board members for the fiscal year ending on 31/12/2021

8. Approval on the transactions and contracts concluded with Newrest Holding Group, within which SACC’s Board of Directors member Mr. Jonathan Stent-Torriani holds direct interest as he is the Co-CEO of Newrest Holding Group, the nature of those transactions evolve around the performance of consultancy and administrative services by Newrest Holding Group, with a total amount of SR 182,504 for the year 2021, without any preferential conditions compared to the local market.

9. Approval on the transactions and contracts concluded with Newrest Holding Group, within which SACC’s Board of Directors member Mr. Abdulkarim Al Soulami holds indirect interest due to his ownership in Newrest Co. (Morocco), the nature of those transactions evolve around the performance of consultancy and administrative services by Newrest Holding Group, with a total amount of SR 182,504 for the year 2021, without any preferential conditions compared to the local market.

10. Approval on the transactions and contracts concluded with Al-Hokair Holding Group, within which SACC’s Board of Directors member Mr. Sami Al Hokair holds direct interest in, as he is holding the position of Managing Director, and Board of Directors member in Al-Hokair Holding Group, the nature of those transactions evolve around the performance of several lease agreements of retail stores, with total amount of (SR. 56,376) for the year 2021, without any preferential conditions compared to the local market.

11. Approval on the amendment of article Four of the Company’s Bylaws that relate to the Company’s activities.

12. Approval on the amendment of article Twenty-Three of the Company’s Bylaws that relate to the Chairman of the Board of Directors, Vice-Chairman Managing Director and Board Secretary.

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