Saturday, 2 March 2024

‎“Extra” GA agrees to transfer statutory reserve balance to ‎retained earnings


United Electronics Company (Extra) announced the results of the extraordinary general assembly meeting (the second meeting), indicating that the quorum for the first meeting was not complete, and the second meeting was held an hour after the time specified for the first meeting, with an attendance rate of 43.40%, as the quorum was The second meeting must be attended by a number of shareholders representing at least 25% of the capital.

According to the company’s statement on Tadawul, the assembly agreed to amend the company’s bylaws in accordance with the new corporate system, and to transfer the balance of the statutory reserve amounting to 64.1 million riyals as in the financial statements for the year ending on December 31, 2022 to the expected profits.

The Assembly also approved amending the remuneration policy and competition standards and controls.

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