‎“Dar Al-Arkan” GA authorizes BOD to distribute interim profits ‎for 2023‎

Dar Al-Arkan Real Estate Development Company announced the results of the Ordinary General Assembly meeting (the first meeting), which was held on Tuesday.

The rest of the voting results on the agenda items of the Assembly were as follows:

1. The report of the Board of Directors for the fiscal year ending on 12/31/2022 was reviewed and discussed.
2. Approval of the company’s auditor’s report for the fiscal year ending on 12/31/2022 AD, after discussing it.
3. The company’s financial statements for the fiscal year ending on 12/31/2022 AD were viewed and discussed.
4. Approval of the appointment of Turki Abdul Mohsen Al-Luhaid and Saleh Abdullah Al-Yahya Chartered Accountants and Auditors as an auditor for the company from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2023 AD, and the first quarter of the fiscal year 2024 AD, and determine his fees.
5. Approval of the business and contracts that will take place between the company and Sahel Finance Company as a related party and licensing it for the next year, in which the Chairman of the Board: Youssef bin Abdullah Al-Shalash has a direct and indirect interest in it, and it is a financing for some clients of Dar Al-Arkan Company to buy homes. During the year 2022 AD, sales amounted to 3.8 million riyals, which were paid by Sahl Finance during the year, and there was no outstanding or due balance. They are continuous transactions that are renewed annually and take place in the course of normal business and in accordance with the prevailing commercial terms and without any preferential terms.
6. Approving the business and contracts that will take place between the company and Al-Khair Capital Company as a related party and licensing them for the next year, which each of the members of the Board of Directors: Youssef bin Abdullah Al-Shalash and Majid bin Abdul Rahman Al-Qasim, an indirect interest in it, which is the provision of financial advice to Dar Al-Arkan Company. During the year 2022 AD, there were no transactions that were conducted, and there was no outstanding or due balance. They are continuous transactions that are renewed annually and take place in the normal course of business and in accordance with the prevailing commercial terms and without any preferential terms.
7. Approving the release of the members of the Board of Directors from liability for the fiscal year ending on 12/31/2022.
8. Approving the disbursement of the total amount of one million five hundred thousand riyals as a reward for the members of the Board of Directors for the fiscal year ending on 12/31/2022 AD.