Aslak GA approves transfer of SAR 79.9 million statutory reserve to retained earnings

The United Wire Factories Company Board of Directors disclosed the outcomes of the 17^th extraordinary general assembly (first meeting), which encompassed the approval to transfer the entire statutory reserve of the company, amounting to SAR 79.9 million as indicated in the financial statements ending on December 31, 2023, to the retained earnings item.

As per the company’s statement on Tadawul, the details of the General Assembly meeting results are outlined as follows:

1. Reviewing and discussing the Board of Directors’ report for the financial year ending on December 31, 2023.
2. Approval and discussion of the company’s auditor’s report for the financial year ending on December 31, 2023.
3. Reviewing and discussing the financial statements for the fiscal year ending on December 31, 2023.
4. Approval of the appointment of Messrs. RSM Office as the auditor of the company’s accounts, based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for the second quarter, third quarter, and annual reports of the fiscal year 2024, as well as the first quarter of the fiscal year 2025, and to determine their fees.
5. Approval to absolve the members of the Board of Directors from liability for the fiscal year ending on December 31, 2023.
6. Approval to transfer the company’s entire statutory reserve, amounting to SAR 79,951,194, as indicated in the financial statements ending on December 31, 2023, to the retained earnings item.
7. Authorization of the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year 2024.
8. Approval to disburse an amount of SAR 1,250,000 as a reward to members of the Board of Directors for the fiscal year ending on December 31, 2023.

The company also confirmed that shareholders can access the minutes of the assembly on the website or at the company’s headquarters upon completion. For inquiries, investors can contact Investor Relations through the provided channels.