Sunday, 4 June 2023

June 15 .. “SISCO” GA to discuss BOD member election

The Board of Directors of the Saudi Industrial Services Company called on shareholders to participate and vote in the Ordinary General Assembly meeting (the first meeting), which is scheduled to be held on June 15, through modern technology.

Agenda Items:

– Reviewing and discussing the report of the Board of Directors for the fiscal year ending on 12/31/2022.

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– Reviewing the company’s consolidated financial statements for the fiscal year ending on 12/31/2022, and discussing it.

– Voting on the company’s auditor’s report for the fiscal year ending on 12/31/2022 AD, after discussing it.

– Voting to absolve the members of the Board of Directors from liability for the management of the company for the fiscal year ending on 12/31/2022.

– To vote on appointing 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 the fiscal year 2023 AD and the first quarter of the fiscal year 2024 AD and determine his fees.

– To vote on authorizing the Board of Directors to distribute interim profits in a semi- or quarterly manner for the fiscal year 2023 AD.

– Voting on the business and contracts concluded between the Saudi Trade and Export Development Company Ltd. “LogiPoint” (a subsidiary of “Cisco” company) with Zainal Industries Ltd., which owns a share of 14.69% of the capital of “Sisco” company ( In which Amer Abdullah Zainal Ali Reda has an indirect interest in it, as a member of the board of directors of Zainal Industries Ltd., and chairman of the board of directors of “LogiPoint” and “Cisco” companies.

The value of the transactions amounted to 493,281 riyals for the year 2022 AD, and mainly included expenses shared between the group companies, and they were carried out on commercial basis and without preferential benefits.

– Voting on the business and contracts concluded between the Red Sea Gate Station Company (a subsidiary of “Cisco”) and “Karam Al-Arabi Catering Company” (a sister company of Zainal Industries Ltd.), knowing that Zainal Industries owns a share of 14.69% From the capital of the “Sisco” company (in which Amer Abdullah Zainal Ali Reda has an indirect interest as a member of the board of directors of Zainal Industries Ltd., and chairman of the board of directors of the Red Sea Gate Station and “Sisco” companies).

The value of the transactions amounted to 19,001,531 riyals for the year 2022 AD, and it was represented in the costs of managing employee housing and catering services for the Red Sea Gate Station Company, and it was carried out on commercial basis without any preferential conditions.

– Voting on the business and contracts concluded between “LogiPoint” (a subsidiary of “Cisco” company) and the Arab Company for Bulk Materials Trading (a subsidiary of Xenel Industries Ltd.), bearing in mind that Xenel Industries owns a share of 14.69% of the capital. Cisco Company (in which Amer Abdullah Zainal Ali Reda has an indirect interest as a member of the Board of Directors of Zainal Industries Ltd., Chairman of the Board of Directors of “Logi Point” and “Sisco” and a member of the Board of Directors of the Arab Company for Bulk Materials Trade) ..

The value of the transactions amounted to 13,824 riyals for the year 2022 AD, and it was represented in land and warehouse lease transactions by “Logi Point”, and these transactions were carried out on commercial basis without any preferential conditions.

– Voting on the business and contracts concluded between the International Water Distribution Company Limited “Tawzea” (an associate company of “Cisco”) and Kindasa Water Services Company (a subsidiary of “Cisco”), noting that “Sisco” owns a share of 65% of the capital of the Kindasa company, and that Talal Al-Dakhil has an indirect interest in it as a member of the board of directors in the “Tawzea” and “Sisco” companies).

The value of the transactions amounted to 67,561,402 million riyals for the year 2022 AD, and it was represented in the process of selling water by the Kindasa Company in addition to the joint expenses between the two companies. These transactions took place on commercial basis without any preferential conditions.

– To vote on electing the members of the Board of Directors of the company for the next session that starts from 01-07-2023 AD and its duration is three years, ending on 06-30-2026 AD.

– To vote on the formation of the Audit Committee for the new session, which starts from 01-07-2023 AD and for a period of three years ending on 06-30-2026 AD, and approves its tasks, work controls and rewards for its members, and approves the appointment of the following candidates.

– Nader Muhammad Ashour

– Talal Nasser Al-Dakhil

– Hussein Hassan Eid

– Engineer Yasser Asaad Allaf

– Voting on the disbursement of an amount of (3,500,410) riyals as an annual bonus for members of the Board of Directors for the fiscal year ending on 12/31/2022 AD.

– Voting on the remuneration policy for members of the Board of Directors, sub-committees and executive management.

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