Advance International GA Approves 2021 Data and Amends Articles of Association

Advance International Company for Communications and Information Technology announced on Wednesday to its shareholders the results of the Extraordinary General Assembly meeting (the first meeting), which was held at on Tuesday June 07, 2022 at the company’s headquarters (in Riyadh) – about Through modern technology, using Tadawulaty service; After completing the legal quorum for the assembly to be valid.

The company said in a statement on Tadawul on Wednesday that the percentage of attending shareholders is 81.73% and that the General Assembly’s Meeting is held through modern technology, from the company’s headquarters in Riyadh, located on King Fahd Road – in Al-Tamimi Complex – opposite Al-Faisaliah Building.

It added that the voting results on the items of the General Assembly’s Meeting Agenda’s are represented in:

1- Approval of the auditor’s report for the fiscal year ending on December 31, 2021

2- Approval of the report of the Board of Directors for the financial year ending on December 31, 2021

3- Approval of the company’s final financial statements for the fiscal year ending on 12/31/2021

4- Approval to absolve the members of the board of directors from the responsibility of managing the company for the year ending on December 31, 2021

5- Approval of the appointment of Al-Kharashi & Co., certified accountants and auditors, to examine, review and audit the semi-annual and annual financial statements for the fiscal year 2022 and the semi-annual financial year 2023, and determine its fees.

6- Approval of the works and contracts concluded between the company and Waad Al Taqaddam Industrial Company – in which a member of the board of directors (Saud Muhammad Al Shuraim) has a direct interest and has become one of the company’s branches now, which is (payments on behalf of the company and a transfer of projects under implementation for a period of one year) in the amount of (326,167) riyals (debit transactions) and an amount of (SR1,230,415) (credit transactions) as the volume of transactions until 31/12/2021, and the balance reached the end of the period (zero).

7- Approval of the business and contracts concluded between the company and Leen Al Khair Trading Company – in which the board member (Abdullah Muhammad Al Shuraim) and (Saud Muhammad Al Shuraim) have a direct interest, which is (payments on behalf of the company for a period of one year) in the amount of (SR438,616) (debit transactions) and the amount of (SR438,616) (credit transactions) as the volume of transactions until 31/12/2021, and the balance reached the end of the period (zero)

8- Approval of the works and contracts that took place between the company and the Agricultural Union Company – in which a member of the board of directors (Abdullah Muhammad Al Shuraim) and (Saud Muhammad Al Shuraim) have a direct interest, which is (payments on behalf of the company for a period of one year) in the amount of (SR1,295,119) (debit transactions) and the amount of (SR2,198.365) (credit transactions) as the volume of transactions until 31/12/2021, and the balance reached the end of the period (zero).

9- Approval of the business and contracts that took place between the company and the heriter cafe – in which a member of the board of directors (Abdullah Muhammad Al Shuraim) and (Saud Muhammad Al Shuraim) have a direct interest, which is (payments on behalf of the company for a period of one year) in the amount of (SR1,713,683) (debit transactions) and the amount of (SR1,713.683) (credit transactions) as the volume of transactions until 31/12/2021, and the balance reached the end of the period (zero)

10- Approval of the works and contracts that took place between the company and the AST Integrated Protection Trading est. – in which a member of the board of directors (Abdullah Muhammad Al Shuraim) has a direct interest, which is (payments on behalf of the institution and a period of one year) in the amount of (SR1,629,487) (debit transactions) and an amount of (SR8,175.664) (credit transactions) as the volume of transactions until 31/12/2021, and the balance reached the end of the period (zero).

11- Approval of the business and contracts that took place between the company and Masayef Company – in which a member of the board of directors (Abdullah Muhammad Al Shuraim) and (Saud Muhammad Al Shuraim) have a direct interest, which is (payments on behalf of the company for a period of one year) in the amount of (SR189,646). Debit transactions) and an amount of (SR196.581) (credit transactions) as the volume of transactions until 31/12/2021, and the balance reached the end of the period (zero).

12- Approval of the business and contracts that took place between the company and the heriter cafe- in which a member of the Board of Directors (Abdullah Muhammad Al Shuraim) and (Saud Muhammad Al Shuraim) have a direct interest in which it is (the payment of dues for a period of one year) in the amount of (SR2,325)

13- Approval of allowing the Chairman of the Board of Directors, Mr. Abdullah Muhammad Al Shuraim – to engage in a competing activity

14- Approval of the amendment of Article (1) of the company’s articles of association, related to (transformation).

15- Approval of the amendment of Article (2) of the company’s articles of association, related to (company name).

16- Approval of the amendment of Article (14) of the company’s articles of association, related to (the register of shareholders).