Saudi Networkers Approves SAR 2.35 Cash Dividend per Share for H2 2023

Saudi Networkers Services Co. announced the outcome of its Extraordinary General Assembly meeting (First Meeting) to its shareholders on Tuesday. The meeting concluded with the approval to distribute cash dividends for the second half of 2023 at SAR 2.35 per share.

The meeting results were disclosed by Saudi Networkers Services Co. on Tadawul, Saudi Arabia’s stock exchange platform, and included the following details:

1. Approval of the Board of Directors report for the fiscal year ended on 31/12/2023.

2. Approval on and discuss the Company’s consolidated financial statements for the year ended on 31/12/2023G were reviewed and discussed.

3. Approval on the external auditor’s report for the fiscal year ended on 31/12/2023G.

4. Approval on releasing the members of the Board of Directors from their liability for the fiscal year ended on 31/12/2023.

5. Approval of the appointing Price Water House Coopers Public Accountants as an auditor for the Company from among the candidates based on the Audit Committee’s recommendation for the financial audit and review of the first half of the fiscal year 2024 ending on 30/06/2024 and the annual financial statements of the fiscal year ending on 31/12/2024, and the fees is SAR (525,000) VAT excluded.

6. Approval on the payment of SAR 909,000 as a remuneration to members of the Board of Directors & its committees for the fiscal year ended on 31/12/2023.

7. Approval on authorizing the Board of Directors to distribute interim dividends to shareholders on a semi-annual or quarterly basis for the fiscal year 2024,

8. Approval on the Board of Directors’ recommendation to distribute cash dividends for the second half of 2023 amounting to SAR 14,100,000 at SAR 2.35 per share. Provided that the entitlement to dividends is for shareholders holding the shares by the end of the trading day of the Extraordinary General Assembly date, and who are registered in the Company’s shareholders registry held with the Securities Depository Centre Company (Eda’a Center) at the end of the second trading day following the entitlement date, where the distribution shall be on 07/07/2024.

9. Approval on the business and contracts conducted between the company and Al-Touq Limited Company, in which the Chairman of the Board, Mr. Abdulmohsen Ibrahim Abdulaziz Al-Touq, has an indirect interest in them. Mr. Abdulmohsen Ibrahim Abdulaziz Al-Touq serves as the Chairman of the Board in Al-Touq Limited Company. The agreement entails the provision of Consultancy services, without specific terms and benefits, for a period of one-year, automatically renewable. The value of transactions for the year 2023 amounted to 192,621 Saudi Riyals.

10. Approval on the business and contracts conducted between the company and Allianz Saudi Fransi Cooperative Insurance Company, in which the Vice Chairman of the Board, Mr. Osama Mohammed Abdulaziz Alsabeg, Board Member Mr. Alwaleed Abdulrazaq Aldryaan, Board Member Mr. Adel Mohammad Mallawi, and Board Member Dr. Abdullah Al-Husseini, have an indirect interest in them. Each of them serves as a board member in Allianz Saudi Fransi Cooperative Insurance Company. The agreement is for insurance coverage of the company’s equipment’s, without specific terms and benefits, for a period of one-year. The value of transactions for the year 2023 amounted to 13,584 Saudi Riyals.

11. Approval on the amendment of the Company’s Bylaws to be compatible with the new Companies Law & rearranging the Company’s Bylaws articles and numbering them to comply with the proposed amendments.

12. Approval on adding Article No. (14) to the company’s bylaws entitled “Share Buy-back”.

13. Approval on adding Article No. (15) to the company’s bylaws entitled “Company’s Sale of Shares”.

14. Approval on adding Article No. (16) to the company’s bylaws entitled “Forward Split or Reverse Split of Shares”.

15. Approval on amending Article No. (3) of the company’s bylaws related to (Company’s purposes).

16. Approval on amending Article No. (4) of the company’s bylaws related to (Participation and Ownership in Companies).

17. Approval on amending Article No. (5) of the company’s bylaws related to (Company’s term).

18. Approval on amending Article No. (20) of the company’s bylaws related to (Powers of the Board).

19. Approval on amending Article No. (21) of the company’s bylaws related to (Powers of the Chairman, Vice-Chairman, Managing Director, and Secretary).

20. Approval on amending Article No. (48) of the company’s bylaws related to (Distribution of Dividends).