Saudi Electricity approves BOD recommendation to distribute cash dividends of SAR 2.9 billion for 2022

Saudi Electricity Company announced to its valued shareholders the results of the 25th Ordinary General Assembly Meeting (First Meeting), which included approval of the Board’s recommendations to distribute cash dividends amounting to (SAR 2,916,615,671) to the shareholders for the fiscal year ended on 31.12.2022, in the amount of (70 Halalas) per each share, representing (7%) of the share par value.

The eligibility of dividends distribution will be for the shareholders holding shares by the end of the trading session on the day of the general assembly date, and who are registered in the Company’s shareholders register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the eligibility date. the date of dividend distribution will be announced later

Voting Results of the Agenda of the 25th Ordinary General Assembly (First Meeting) are as follows:

– The Board of Directors Report for the fiscal year ended on 31.12.2022 was reviewed and discussed.

– The financial statements for the fiscal year ended on 31.12.2022 was reviewed and discussed.

1. Approval of the External Auditor’s report for the fiscal year ended on 31.12.2022 after discussing it.

– Approval of discharging the liability of the Board members for the fiscal year ended on 31.12.2022.

– Approval of paying an amount of (SAR 832,500) as a remuneration for members of the Board of Directors for the fiscal year ended on 31.12.2022.

– Approval of appointing Deloitte and Touche & Co as the external auditor from among the candidates recommended by the Audit Committee to examine, review and audit the second and third quarters and annual financial statements for the fiscal year 2023, as well as the first, second and third quarters and annual financial statements for the fiscal years 2024 and 2025, along with the first quarter of the fiscal year 2026, in addition to determining the auditor’s fees.

– Approval of the Board’s resolution to appoint Mr. Scott M. Pochazka (independent member) as a Board member, effective from the date of his appointment on 06-12-2022 to complete the Board term until the end of the current term on 20-01- 2024, succeeding the former member Dr. David Crane (independent member).

– Approval of delegating the Board of Directors with the authorization powers of the Ordinary General Assembly stipulated in paragraph (1) of Article (27) of the Companies Law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with Implementing Regulation of the Companies Law for Listed Joint Stock Companies.

– Approval of the Company’s Corporate Social Responsibility Policy.

– Approval of the Financing and Financial Commitments Guidelines.