Atlas Elevators General Trading and Contracting Company has disclosed the outcomes of its extraordinary general assembly meeting (first meeting), wherein the Board of Directors’ proposal to transfer the company’s statutory reserve balance was approved. The reserve, totaling SAR 3.2 million as per the financial statements ending on December 31, 2023, will be transferred to the retained earnings balance.
The voting results are as follows:
1. Approval of the company’s auditor’s report for the financial year ending on December 31, 2023 after discussing it.
2. The Board of Directors’ report for the financial year ending on December 31, 2023 was reviewed and discussed.
3. The company’s financial statements for the fiscal year ending on December 31, 2023 were reviewed and discussed.
4. Approval to release the members of the Board of Directors from their liabilities for the year ending December 31, 2023.
5. Approval of the appointment of RSM United Accountants for Professional Consultations as the company’s auditor 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 2024 and the annual of the fiscal year 2024 for a fee amounting to SAR (400,000).
6. Approval of authorizing the Board of Directors to distribute interim dividends to shareholders on a semi-/quarterly basis for the financial year ending on December 31, 2024.
7. Approval to disburse an amount of SAR (340,000) as a reward to members of the Board of Directors for the fiscal year ending on December 31, 2023.
8. Approval of the Board of Directors’ recommendation to distribute cash dividends in the amount of SAR (3,000,000) to shareholders for the financial year ending on December 31, 2023 at a rate of (0.5) fifty halalas for each share and at a rate of (5%) of the capital. Eligibility will be for shareholders who own shares at the end of trading on the day of the General Assembly and who are registered in the company’s shareholder registry with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the entitlement date, and the dividends will begin to be disbursed by transferring them to the accounts linked to the eligible shareholders’ portfolios as of Tuesday 06.11.2024 through the payment agent – the Securities Depository Center Company (Edaa). In the event of a deposit defaulting in his account, any shareholder can contact the payment agent – the Securities Depository Center (Edaa) or Contact the company via email: info@atlaslifts-sa.net or call: 00966920000259
9. Approval of the Board of Directors’ recommendation to transfer the company’s statutory reserve balance, which amounted to SAR (3,273,421), as in the financial statements ending on December 31, 2023, to the retained earnings balance.
10. Approval of the business and contracts concluded between the company and Malas Restaurants Kuwait Limited, in which both the Managing Director and CEO, Mr. Mohsen Ali Al-Otaibi – and the member of the Board of Directors, Mr. Abdul Rahman Muhammad Omar Abdullah Al-Omar – have a direct interest in them as they are partners in the company, which is ( Purchases lasting one year) amounting to SAR (17,125)
11. Approval of the business and contracts concluded between the company and Malas Restaurants Kuwait Limited, in which both the Managing Director and CEO, Mr. Mohsen Ali Al-Otaibi – and the member of the Board of Directors, Mr. Abdul Rahman Muhammad Omar Abdullah Al-Omar – have a direct interest in them as they are partners in the company, which is ( Expenses on behalf of the company for one year) in the amount of SAR (26,382)
12. Approval of the business and contracts concluded between the company and the member of the Board of Directors, Mr. Falah Saud Al-Subaie – in which he has a direct interest, which is a payment to the company for a period of one year in the amount of SAR (11,817).
13. Approval of amending the work regulations of the Audit Committee.
