Edarat GA approves transactions and contracts concluded with relevant parties

Edarat Communication and Information Technology Co. (EDARAT) board of directors announced the results of the ordinary general assembly meeting (first meeting) held on Thursday, May 04, 2023, with %90,47 of attending shareholders.

Voting Results on the Items of the General Assembly’s Meeting Agenda:

1\ The Board of Directors report for the fiscal year ended on 31.12.2022 was reviewed and discussed.

2\ Approval of the company’s auditor’s report for the fiscal year ended on 31.12.2022.

3\ The financial statements for the fiscal year ended on 31.12.2022 has been reviewed and discussed.

4\ Approval of the transactions and contracts concluded in 2022 between the company and Al Moammar Information Systems Company (MIS) in which a member of the Board of Directors, Dr. Abdullah bin Ghazi Al-Ghamdi (non-executive member) has an indirect interest to, these transactions and contracts include (services, distribution of profits, purchase of assets) for a total amount of SAR 31,244,399.

5\ Approval of the transactions and contracts concluded on 2022 between the company and (Edarat Lebanon) in which a member of the Board of Directors, Dr. Abdullah bin Ghazi Al-Ghamdi (non-executive member) has an indirect interest, and Mr. Adel Fouad Rizk (executive member) has a direct interest in it, and Mr. Eric Ernest Al-Badawi (executive member) has a direct interest in it, these transactions and contracts include (services) for a total amount of SAR 926,088.

6\ Approval of the transactions and contracts concluded between the company and (Phoenicia International Technology) in which a member of the Board of Directors Dr. Abdullah bin Ghazi Al-Ghamdi (non-executive member) has an indirect interest in it and Mr. Adel Fouad Rizk (executive member) has a direct interest in it and Mr. Eric Ernest Al-Badawi (executive member) has a direct interest in it, these transactions and contracts include (purchase of services) for a total amount of SAR 3,587,747.

7\ Approval on delegating the Board of Directors with the powers of the Ordinary General Assembly with the authorization contained in Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of approval of the General Assembly or until the end of the session of the delegated Board of Directors, whichever is earlier, in accordance with the conditions stated in the regulatory controls and procedures issued in the implementation of the Companies Law for listed joint stock companies.

8\ Approval on appointing Al Bassam & Co as the external auditor from the shortlisted companies based on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the (first, second, third and fourth) quarters of the fiscal year 2023, and the first quarter of the fiscal year 2024, and determine his fees.

9\ Approval on paying SAR 383,000 as remuneration to the members of the board of directors for the fiscal year ended on 31.12.2022.

10\ Approval on discharging the members of the board of directors for the fiscal year ended on 31.12.2022.