Al-Omran Withholds Approval to Release BOD Members from Liabilities for 2023

Al-Omran Company for Industry and Trade communicated to its esteemed shareholders the outcomes of the Ordinary General Assembly Meeting (first meeting) conducted via modern technology on 11/18/1445 AH, corresponding to 05/26/2024. Notably, the decision was made to not grant approval for releasing the members of the Board of Directors from their liabilities for the fiscal year ending on 12/31/2023.

The summarized results of the Assembly meeting are as follows:

1- The Board of Directors’ report for the year ending on 12/31/2023 was reviewed and discussed.

2- The company’s consolidated financial statements for the financial year ending on 12/31/2023 were reviewed and discussed.

3- Approval of the auditor’s report for the year ending on 12/31/2023 AD.

4- Approval to appoint an auditor for the company (Al-Kharashi & Partners – Mazars) from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the (second and third) and annual quarters of the fiscal year 2024 AD, and the first quarter of the fiscal year 2025 AD, and determine his fees.

5-Not Approval of the business and contracts concluded between the company and Abaad Real Estate Investment Company, in which the members of the Board of Directors, Mr. Mohammed Omran Al-Omran, Mr. Nasser Mohammed bin Omran, and Mr. Abdul Rahman Mohammed bin Omran, have an indirect interest, which is (financing), as the transactions were in 2023. It has reached (382,000 riyals)

6- Not Approval of the works and contracts concluded between the company and Abaad Real Estate Investment Company, in which the members of the Board of Directors, Mr. Mohammed Omran Al-Omran, Mr. Nasser Mohammed bin Omran, and Mr. Abdul Rahman Mohammed bin Omran, have an indirect interest, which is (rents for the company’s employees’ housing and warehouses), where Transactions in 2023 amounted to (1,179,800 riyals)

7- Approval of the business and contracts concluded between the company and Abaad Real Estate Investment Company, in which the members of the Board of Directors, Mr. Muhammad Omran Al-Omran, Mr. Nasser Muhammad bin Omran, and Mr. Abdul Rahman Muhammad bin Omran, have an indirect interest, which is (acting expenses), as the transactions were in 2023 AD reached (34,206 riyals)

8- Not Approval of the business and contracts concluded between the company and the member of the Board of Directors, Mr. Abdul Rahman Muhammad bin Omran, in which he has a direct interest, which is (financing), as the transactions in 2023 amounted to (800,000 riyals).

9- Not Approval of the business and contracts concluded between the company and the member of the Board of Directors, Mr. Nasser Mohammed bin Omran, in which he has a direct interest, which is (purchasing assets), as the transactions in 2023 amounted to (166,783 riyals).

10- Not Approval to release the members of the Board of Directors from their liabilities for the fiscal year ending on 12/31/2023 AD.

According to the Company Due to the non-approval of clauses 5-6-8-9, the Assembly specified a period of (6) months from the date of the Assembly for the members of the Board of Directors (Mr. Mohammed Omran Al-Omran, Mr. Nasser Mohammed Bin Omran, and Mr. Abdul Rahman Mohammed Bin Omran) to reconcile their situations in accordance with Paragraph (B) of Article 67 of the Executive Regulations of the Companies Law for Listed Joint Stock Companies.