Arab Sea GA Approves Consolidated Financial Statements for 2021

The Board of Directors of the Arab Sea Company announced on Tuesday the results of the Ordinary General Assembly meeting (the first meeting), which was held on Monday, June 6, 2022.

The company said in a statement on Tuesday that the percentage of attending shareholders is 42.15% and that the General Assembly’s Meeting is held at Riyadh-Company’s headquarters – through the means of modern technology remotely.

It added that the names of the Board of Directors’ Members present at the General Assembly’s Meeting and names of the absentees are:

– Mohammed Saleh Al-Suhibani (chairman)

– Abdul Aziz Mohammed Al-Khalifa (Deputy Chairman)

-Haitham Mohammed Al-Suhibani

– Ahmed Sulaiman Al-Jasser

The following Board members apologize from attend the meeting:

– Abdullah Mohammed Al-Hawas

– Turki Nasser Al-Dahmesh

– Nabil Abdullah Al-Mubarak

It also added that voting results on the items of the General Assembly’s Meeting Agenda’s is:

1- Approval of the Board of Directors Report for the fiscal year ending on 12-31-2021.

2- Approval of the company’s auditor’s report for the fiscal year ending on 12-31-2021.

3- Approval of the financial statements consolidated ending on 12-31-2021.

4- Approval of absolve the members of the Board of Directors from liability for the fiscal year ending on 12-31-2021.

5- Approval of the appointment of allied accountants professional services (RSM) the company’s auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third, fourth and annual quarters of 2022 and the first quarter of 2023 and determine his fees.

6- Approval of disbursing an amount of SR1050000 as a reward to the members of the Board of Directors for the fiscal year ending on 12-31-2021

7- Approval of Board Nomination and Remuneration Committee Charter.

8- Approval of policies and standards of the membership of the company.