Saudi Cables announces disapproval on business and contracts with Medal Cable at SR 32.6 mln

Saudi Cable Company announced on Tuesday that the results of the Extraordinary General Assembly Meeting (3rd Meeting), which was held at the Company Headquarters in Jeddah on Monday, 06/02/2023, headed by the Board member and the CEO, Mr Nael S. Fayez, after quorum attended by (11.61%).
Voting Results on the Items of the General Assembly’s Meeting Agenda’s
1. Approval of the Board’s report for the financial year ended 31-12-2021.
2. Approval of the financial statements for the financial year ended 31-12-2021.
3. Approval of the auditor’s report for the financial year ended 31-12-2021.
4. Disapproval on absolve the members of the Board of Directors for the financial year ended 31-12-2021.
5. Disapproval of the business and contracts between the Company and (Medal Cable Company) in which members of the Board of Directors (Abdulrahman Al-Khayal and Abdulhadi Abu Al-Khair) have an indirect interest: (purchases of raw materials, dividends and bonuses of Board members and others in the form of financing fees on purchases. The duration of the transaction is one year) in the amount of (SAR 32.645.000) for the financial year ended 31-12-2021.
6. Approval of Amendment to (article 3) of the Company’s bylaws, relating to (the purposes of the Company).
7. Disapproval of amending the Working Regulations of the Nominations and Remuneration Committee.
8. Approval of amending the Board Membership’s Policies, Standards, Procedures and Controls.
9. Approval of the Working Regulation of the Audit Committee.
10. Approval of the social responsibility policy.
11. Disapproval of the Policy of Nominating Members of the Board of Directors and Members of its Committees’ and the Executive Management.
The Company said today on Tadawul that based on the voting result of item number five, the company requested 95 working days, ending on 19 June 2023, extension to come to a settlement with the agreement, as an option recommended in reference to Article 67 of the Companies Law for listed Joint Stock Companies.