SAPTCO GA approves recommendation of BOD not to Distribute Dividends for 2021

The Saudi Public Transport Company (SAPTCO) announced on Monday the results of the Ordinary General Assembly Meeting (First Meeting). The percentage of attending shareholders is 25.12%.

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 December 31, 2021.

2) Approval on the auditor’s report on the Company’s accounts for the fiscal year ending on December 31, 2021.

3) Approval on the financial statements for the fiscal year ending on December 31, 2021.

4) Approval on the Board of Directors recommendation to do not distribute dividends for the fiscal year ended on December 31, 2021.

5) Approval on absolving the members of the Board of Directors from liability for the fiscal year ending on December 31, 2021.

6) Approval on paying an amount of (SR 1,800,000) as remuneration to the Board members for the fiscal year ending on December 31, 2021.

7) Approval on the appointing the KPMG Professional services company from among the candidates based on the Audit Committee’s recommendation, to examine, review and audit the financial statements for the (second, third quarter, and annual financial statement of the fiscal year 2022, and the first quarter of the fiscal year 2023), and determination of the auditors remunerations.

8) Approval on the Board’s resolution to appoint Eng. Khalid Bin Abdallah Al Hogail as a Board of Directors member (Executive- MD) according to Approval result of the current Board election. This appointment will be valid in the new seat from April 14, 2022, to complete the current Board term that will be end on December 31, 2024.

9) Approval on delegating the Board of Directors the authorization powers of the General Assembly stipulated in paragraph (1) of Article 71 of the Companies law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier. In accordance with conditions set forth in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies.