L’azurde Approves SAR 17.2 Million Cash Dividends for 2023; Denies Discharge of BOD Members

The Board of Directors of L’azurde Company for Jewelry  announced on Wednesday the results of the Ordinary General Assembly meeting (the second meeting) that was held on Tuesday 21/05/2024 at 09:30 pm, by means of modern technology, using the Tadawulaty system, and that is an hour later from the date of the first meeting (which was supposed to be held at 08:30 pm), noting that the first meeting was not held due to the lack of a quorum according to the law.

Voting Results:

1. The Board Report for the fiscal year ended 31st December 2023 was reviewed and discussed.
2. The Financial Statements for the fiscal year ended 31st December 2023 were reviewed and discussed.

1. Approve the Auditors Report for the fiscal year ended 31st December 2023, after discussing it.

1. Approve the appointment of Ibrahim Ahmed Al-Bassam & Partners (PKF) Chartered Accountants as an independent auditor for the company’s accounts based on the recommendation of the Audit Committee, in order to examine, review and audit the preliminary financial statements for the second and third quarters and the annual financial statements for the year 2024 and the first quarter of 2025, and determine his fees.

1. Approve the Board of Directors recommendation to distribute cash dividends to the shareholders for the financial year ended on 31 December 2023, amounting to (SR 17,250,000) at (SR 0.30) per share representing (3%) of the company’s capital. The maturity date for the dividends, to be distributed to shareholders registered in the Depository Center, will be the end of the second trading day following the date of the General Assembly. The distribution of dividends will start from Monday 24/12/1445H corresponding to 10/06/2024.

1. Approve to authorize the Board of Directors to distribute interim dividends to shareholders for the fiscal year 2024 on bi-annually or quarterly basis.

1. Not approving to delegate to the Board of Directors, the General Assembly’s powers stipulated in paragraph (1) of Article (27) of the Companies Law, for a period of one year from the General Assembly’s approval, or until the end of the Board of Directors’ term whichever is earlier, in accordance with the terms stated in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies.

1. Not approving to release the Board of Directors members from liability for the fiscal year ended 31 December 2023.

1. Approve the Competing Business Standards for L’azurde Company.