Red Sea GA to vote on business, contracts with concerned parties

The Board of Directors of the Red Sea International Company is pleased to invite the shareholders to vote in the Ordinary General Assembly Meeting (The first), which is scheduled to take place at 07:30 PM on Thursday 24-11-1443 corresponding to 23-06-2022, through the use of modern communication technologies.

General Assembly Meeting Agenda:

1- Vote on the Board of Directors’ Annual Report for the Financial Year ended on 31-12-2021.

2- Vote on the Independent Auditor Report for the Financial Year ended 31-12-2021.

3- Vote on the Financial Statements for the Financial Year ended in 31-12-2021.

4- Vote on the appointment of the company’s External Auditor from among the candidates nominated based on the recommendation of Audit Committee, to review and audit financial statements for the second quarter, third quarter, fourth quarter and the annual for the financial year 2022, in addition to the first quarter of the financial year 2023 and determine its fees.

5- Vote on the payment of SAR 1,386,000 as remunerations to Board Members for the Financial Year ended 31-12-2021.

6- Vote on delegating the Ordinary General Assembly’s powers to Board of Directors as stipulated in paragraph (1) of Article (71) of the Companies Law, for a period of one year from the General Assembly’s approval, or until the end of the Board of Directors’ term whichever is earlier, in accordance with the terms stated in the Regulatory Rules and Procedures issued pursuant to the Companies Law related to listed joint-stock companies.

7- Vote on the business and contracts that took place between Red Sea International Company and Mr. Saleh Mohammed Binladen (previous Board Member) to rent a portion of a plot in Rabigh to build a residential complex for the employees of the companies operating in the region for an annual amount of SAR 883,390.95, whereby Mr. Saleh Binladen (previous Board Member) has a direct interest in this contract in 2021 in his capacity as landowner. This contract does not have any preferential conditions. The Membership of Mr. Saleh Binladen in the Board of Red Sea International Company has expired on 09-05-2021.

Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.

Registered shareholders on Tadawulaty may electronically vote on the agenda items starting from 10:00 am, Sunday, 19-06-2022, and until the General Assembly Meeting adjourns. Registration and voting shall be available free of charge for all shareholders through Tadawulaty services by using the following link: https://www.tadawulaty.com.sa