FADECO GA approves company’s financial statements for FY 2022

The Arabian Food and Dairy Factories Company (FADECO) announced the results of the Ordinary General Assembly meeting (the first meeting), which was held on Sunday, whereas the meeting included approval of the company’s financial statements for the fiscal year ending on December 31, 2022, and discussion thereof.

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

– Approving the report of the company’s auditor for the fiscal year ending on December 31, 2022, after discussing it.

– Approving the report of the Board of Directors for the fiscal year ending on December 31, 2022.

– Approving to absolve the members of the Board of Directors from liability for the year ending 12/31/2022.

– Approving to appoint Baker Tilly as an external 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 first half of the fiscal year 2023, and the annual financial statements of the fiscal year 2023, and to determine his fees.

– Approving on delegating the Board of Directors with the powers of the Ordinary General Assembly with the authorization contained in Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of approval of the General Assembly or until the end of the session of the delegated Board of Directors, whichever is earlier, in accordance with the conditions stipulated in the executive regulations of the Law. Listed joint stock companies.