Dur Hospitality GA to discuss converting into holding company

The company’s board of directors invites its valued shareholders – at the request of the shareholders who represent (6.3%) of the company’s capital – to participate and vote in the extraordinary general assembly meeting (the first meeting), which is scheduled to be held at 8pm on Thursday 01/12/1443 H corresponding to 30/06/2022 by means of modern technology.

General Assembly Meeting Agenda:

Voting on the items below by the Extraordinary General Assembly based on the request received from shareholders owning (6.3%) of the company’s capital:

1. Vote to dismiss the members of the Audit Committee: 1- Talal bin Abdulmohsen Al Malafikh 2- Abdulrahman bin Abdullah Al Duhaim 3- Ibrahim bin Salem Al Rwais
2. Vote on directing the company to proceed with the procedures for converting Dur Hospitality Company into a holding company concerned with owning and leasing real estate only, and establishing another company concerned with hospitality, operation and management of the company’s real estate, and real estate of others.
3. Vote on directing the company to proceed with the reducing the statutory reserve to one third of the company’s capital in accordance with Article 130 of the Companies Law and distributing the surplus to shareholders.
4. Vote on directing the company to proceed with the company’s purchase of treasury shares, part of which will be distributed to employees, or the establishment of a fund for qualified employees to encourage the spirit of competition and motivate their loyalty to the company.

In the event that the General Assembly approves any of the items (2,3,4) above, the Board of Directors will work to complete the necessary regulatory requirements, including proposing implementation mechanisms and all other details related to that, and then calling for another General Assembly to vote On what is required to be legally approved by the association (including the necessary amendments to the articles of association), taking into account compliance with all relevant statutory requirements in all cases.

According to Article (30) of the company’s articles of association, the extraordinary general assembly meeting is valid if attended by shareholders representing at least half of the capital. If the necessary quorum is not available to hold this meeting, the second meeting will be held an hour after the end of the period specified for convening the first meeting, and the second meeting will be valid if attended by shareholders representing at least a quarter of the company capital.

Shareholders Registered in the Issuer’s Shareholders Registry in the Depository Centre At the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations.

Shareholders registered in Tadawulaty services may vote remotely (on line) on the items of the assembly through the (electronic voting) service starting from 10:00 AM sunday 27/11/1443H corresponding to 26/06/2022 up to end of the time of holding the assembly, and registration and voting in Tadawulaty will be available free of charge for all shareholders through use of the following link: www.tadawulaty.com.sa

Eligibility for Registering the Attendance of the 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.