AlNaqool GA approves transactions & contracts concluded with related parties

The Board of Directors of Mohammad Hassan Al-Naqool Sons Company announced the results of the Extraordinary General Assembly meeting, which was held on Sunday evening 11.06.2023, which included approva on the business and contracts concluded between the company and Eram Al-Sharq Company, in which the former board member (Mr. Mohammad Mutlaq Dreamih Al-Subaie) has an indirect interest, of an operational nature (supplying and selling raw materials). The value of the transaction amounted to SAR (5,832,000). During the year 2022, and there are no preferential conditions.

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

– The report of the Board of Directors for the fiscal year ending on 12/31/2022 was reviewed and discussed.

– Approval of the company’s auditor’s report for the fiscal year ending on 31.12.2022, after discussing it.

– The financial statements for the fiscal year ending on 31.12.2022 were reviewed and discussed.

– Approving the discharge of the members of the Board of Directors from their liability for the fiscal year ending on 31.12.2022.

– Approval of the remuneration policy for members of the Board of Directors, its committees and the executive management of the company.

– Approving the amendment of the company’s articles of association in line with the new corporate law, and rearranging the articles of the company’s articles of association and numbering them to comply with the proposed amendments.