Al-Babtain GA approves BOD recommendation to distribute SAR 21.3 million cash dividends for 2022

Al Babtain Power and Telecommunication Company announced the results of the ordinary assembly meeting (2nd meeting) held on Thursday 01.06.2023, whereas the items included approval on the Board of Directors recommendation to distribute cash dividends amounted to SAR (21,315,656) to shareholders for the year ended on 31/12/2022, with the value of (0,5) SAR per share and at a rate of (5%) of the capital, provided that the shareholders who own the shares are eligible by the end of the day of the general assembly meeting and those registered in the company’s shareholders register at the Securities Depository Centre Company (Edaa) are traded at the end of the second trading day following the maturity date. The distribution date is to be announced later.

The voting results on the rest of the items are as follows:

– Approval and discussing of the Board of Directors’ report for the fiscal year ending on 31.12.2022

– Approval and discussing of the financial statements for the fiscal year ending on 31.12.2022.

– Approval of the auditor’s report on the Company’s accounts for the fiscal year ending on 31.12.2022

– Approval on appointing BDO-Dr. Mohammed Al-Amri & Co., the auditor for the Company, from among the candidates based on the Audit Committee’s recommendation. The appointed auditor shall examine, review, and audit the (second and third) quarter and annual financial statements, of the fiscal year 2023, and the first quarter of the fiscal year 2024 G., and the determination of the auditor’s remuneration.

– Approval on absolving the members of the Board of Directors from liability for the fiscal year ended 31.12.2022.

– Approval on the Board of Directors delegating the authority of the Ordinary General Assembly to the license mentioned in Paragraph (1) of Article (27) of the Companies Bylaw, for a period of one year from the date of approval of the General Assembly or until the end of the session of the authorized Board of Directors, whichever is earlier, in accordance with the conditions mentioned in the controls And the regulatory procedures issued in implementation of the Companies Law for listed joint stock companies.

– Approval on the transactions held between the company and al Babtain contracting company where the following board members have indirect interest; Ibrahim Hamad Abdullah ABabtain, Abdulaziz Ibrahim Abdullah Al Babtain, Abdulkareem Hamad Abdullah Al Babtain, Khaled Mohammed Abdullah Abdulrahman ABabtain. This transaction is about sales; the value of these transactions for year 2022 are 3 million Saudi Riyals and not preferential terms.

– Approval on the transactions held between the company and al Babtain trading company where the following board members have indirect interest; Ibrahim Hamad Abdullah ABabtain, Abdulaziz Ibrahim Abdullah Al Babtain, Abdulkareem Hamad Abdullah Al Babtain, Khaled Mohammed Abdullah Abdulrahman ABabtain. This transaction is about purchasing; the value of these transactions of the year 2022 are SR 64,000 and not preferential terms.

– Approval to authorize the company board of directors to distribute interim dividends to its shareholders on a biannual or quarterly basis for fiscal year 2023.

Al- Babtain Power and Telecommunication Company also announced to its esteemed shareholders that the date of distributing dividends for the financial year ended 31-12-2022 will start as of Monday, 19-06-2023, by half Saudi Riyal per one share, which equals 5% of the share book value. Where the eligibility for shareholders who own shares is the date of the entitlement, which is on Thursday 01/06/2023 and is registered in the issuer’s shareholders register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the eligibility date.

The disbursement process will take place through the Arab National Bank so that it will be deposited directly into the shareholders’ accounts linked to the investment portfolios with all local banks.