SAIC to distribute 30 mln cash dividends for the year 2022

The Board of Directors of Saudi Advanced Industries Company announced on Monday the results of the Ordinary General Assembly meeting (second meeting). Due to the lack of a quorum in the first meeting, as the quorum reached 23.11%, the second meeting was held an hour after the first at exactly 08:00 pm

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

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

2. The financial statements for the fiscal year ending on 12/31/2022 were reviewed and discussed.

3. Approval of the report (auditor) of the company’s accounts for the fiscal year ending on 12/31/2022.

4. Approval of the absolve the members of the Board of Directors from liability for the fiscal year ending on 12/31/2022.

5. Approval of appointment the auditor Ibrahim Ahmed Al-Bassam & Co. (auditor) of the company from among the candidates based on trecommendation 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 and the first quarter of the fiscal year 2024 and determine his fees.

6. Approval the recommendation of the Board of Directors to distribute cash dividends in the amount of (30) million riyals to shareholders for the financial period ending on 12/31/2022 (5%) of the nominal value of the share, at the rate of (0.50) riyals per share, for (60) ) million shares.

7. Approval the decision of the Board of Directors to appoint Mr. Faisal Abdullah Al-Mashwah as an (independent) member of the Board of Directors, starting from the date of his appointment on 08/01/2023 to complete the session of the Board until the end date of the current session 05-30-2025, to succeed the resigned member, Mr. Yazid Khaled Al-Shathri Member (non-executive).

8. Approval the decision of the Board of Directors to appoint Eng. Ahmed Abdul Rahman Al-Rabeeah as an (independent) member of the Board of Directors, starting from the date of his appointment on 08/01/2023 AD to complete the session of the Board until the end date of the current session 05-30-2025, to succeed the resigned member, Mr. Badr Khaled Al-Shathri Member (non-executive).