Ataa Assembly Approves SAR 52.6 Million Cash Dividend Distribution

Ataa Educational Company announced on Tuesday the results of the Extraordinary General Assembly Meeting (First Meeting), which included approval to distribute SAR 52.6 million in cash dividends for the fiscal year ending on July 31, 2024.

According to the Company’s statement on “Tadawul”, the details of the General Assembly meeting were as follows:

Item One: The Board of Directors’ report for the fiscal year ending on July 31, 2024 was reviewed and discussed;

Item Two: Approval of the Company’s Auditors’ Report for the fiscal year ending on July 31, 2024;

Item Three: The Company’s financial statements for the fiscal year ending on July 31, 2024 were reviewed and discussed;

Item Four: Approval to discharge the members of the Board of Directors from liability for the fiscal year ending on July 31, 2024;

Item Five: Approval of the Board of Directors’ recommendation to distribute dividends to shareholders for the fiscal year ending on July 31, 2024, with a total value of SAR 52.6 million, with each share being (1.25) riyals and (12.5%) of the paid-up capital, provided that the eligibility is for shareholders who own shares at the end of trading on the day of the General Assembly and are registered in the company’s shareholders’ register with the Securities Depository Centre Company (Depository Centre) at the end of the second trading day following the due date, and the date of disbursement of dividends will be determined later;

Item Six: Approval of the business and contracts concluded between the company and Dr. Ahmed bin Nasser Al-Mutib during the fiscal year ending on July 31, 2024, in which Board Member Ms. Farah bint Ahmed Al-Mutib and Ms. Reem bint Ahmed Al-Mutib have an indirect interest, which are lease contracts for Middle East Complexes with a total value of SAR (12,638,000) without preferential terms;

Item Seven: Approval of disbursing an amount of SAR (1,350,000) as a reward for the members of the Board of Directors, at a rate of SAR 150 thousand for each member, for the fiscal year ending on July 31, 2024;

Item Eight: Approval of appointing RSM Allied Accountants for Professional Consulting as the Company’s Auditor from among the candidates based on the recommendation of the Audit Committee; to examine, review and audit the financial statements for the quarters (second, third and fourth) and the annual for the fiscal year ending on July 31, 2025 and the first quarter for the fiscal year ending on July 31; 2026 and determine its fees SAR (1,367,000);

Item Nine: Approval of electing members of the Board of Directors from among the candidates for the next session from January 14, 2025 for a period of three years, ending on January 13, 2028. They are:

1. Tariq bin Othman Al-Kasabi;

2. Khaled bin Nasser Al-Moammar;

3. Othman bin Tariq Al-Kasabi;

4. Tariq bin Abdulaziz Al-Rasheed;

5. Mishari bin Naji Al-Ibrahim;

6. Reem bint Ahmed Al-Mutib;

7. Farah bint Ahmed Al-Mutib;

8. Ali bin Fawaz Al-Tamimi; and

9. Mohammed bin Ali Al-Otaifi.

Item Ten: Approval of amending the Company’s Articles of Association in accordance with the new Companies Law and renumbering the articles of the law to be consistent with the proposed amendments; and

Item Eleven: Approval of amending Article No. (3) of the Company’s Articles of Association related to the Company’s objectives.