‎“Al Rajhi Bank” GA to discuss BOD recommendation to ‎distribute SR5 bln for 2022‎

The Board of Directors of Al-Rajhi Bank called on the shareholders to participate and vote in the thirty-third Ordinary General Assembly meeting (the first meeting), which is scheduled to be held at 06:30 in the evening 08/29/1444 AH corresponding to 03/21/2023 AD, by means of modern technology.

The meeting agenda:

– To vote on the Board of Directors’ recommendation to distribute dividends in the amount of 5 billion riyals to shareholders for the financial period ending on December 31, 2022 AD, at 1.25 riyals per share, which represents 12.5% of the nominal share value, provided that the eligibility is for the shareholders who own shares at the end of trading. The day of the General Assembly meeting and those registered in the bank’s shareholder register.

Each shareholder registered in the bank’s shareholder register at the Depository Center at the end of the trading session preceding the meeting of the General Assembly has the right to attend the meeting of the Assembly, according to the rules and regulations.

According to Article (33) of the Bank’s Articles of Association, the legal quorum for holding the meeting of the Ordinary General Assembly of the bank is the presence of shareholders representing at least 25% of the capital, and in the event that the quorum is not completed in this meeting, a second meeting will be held after One hour from the time scheduled for the first meeting, and the second meeting is valid regardless of the number of shares represented in it.

The honorable shareholders registered on the Tadawulaty services website can vote remotely on the items of the General Assembly meeting through the (electronic voting) service, noting that remote voting starts from 01 am on Friday 08/25/1444 AH corresponding to 17 03/03/2023 AD, until the end of the time of the assembly meeting 08/29/1444 AH corresponding to 03/21/2023 AD.

The right to register attendance and vote will be the right to register to attend the assembly meeting ends at the time of the assembly meeting.

The bank drew the attention of non-resident foreign investors to the fact that the cash distributions that are transferred through the resident financial intermediary (when transferred or credited to the bank account) will be subject to a withholding tax of 5% in accordance with the provisions of Article (68) of the income tax system and Article (63) of its executive regulations

The bank also emphasized that non-resident foreign investors who have tax exemptions on dividends issued by the Zakat, Tax and Customs Authority must communicate with the bank within five calendar days from the date of maturity and provide the company with documents supporting the tax exemption.