City Cement GA Approves Election of Seven BOD Members

City Cement Company announced on Tuesday the results of its Ordinary General Assembly Meeting (First Meeting), which included the following:

– The Board of Directors’ report for the fiscal year ending Dec. 31, 2024, was reviewed and discussed;

– The financial statements for the fiscal year ending Dec. 31, 2024, were reviewed and discussed;

– The auditor’s report for the fiscal year ending Dec. 31, 2024, was approved;

– Discharge of the Board Members from liability for the fiscal year ending Dec. 31, 2024, was approved;

– A remuneration of SAR 1.4 million for Board Members for the fiscal year ending Dec. 31, 2024, was approved;

– Dr. Mohammed Al-Amri & Partners Office – BDO was appointed as the Company’s auditor, based on the audit committee’s recommendation, to audit the second, third, and annual quarters of fiscal year 2025 and the first quarter of fiscal year 2026 for a fee of SAR 480,000;

– The delegation of powers granted by the Ordinary General Assembly under Paragraph (1) of Article 27 of the Companies Law to the elected Board was approved, effective for one year from the date of Assembly Approval or until the end of the Board’s term, whichever comes first, in accordance with the executive regulations of the Companies Law for listed joint stock companies;

– The authorisation of the elected Board to distribute interim dividends semi-annually or quarterly for fiscal year 2025 was approved;

– The election of the following seven Board Members for the next term, beginning June 19, 2025, and ending June 18, 2029, was approved:

– Mr. Badr bin Omar AlAbdullatif

– Mr. Fahad bin Omar AlAbdullatif

– Mr. Saleh bin Ibrahim AlShabnan

– Mr. Majid bin Abdulrahman AlOsailan

– Mr. Muhammad bin Hikmat AlZaim

– Mr. Muhammad bin Suleiman AlRajhi

– Mr. Muhammad bin Hamdan AlSuraiyea

– The Board’s recommendation not to distribute dividends to shareholders for the second half of the fiscal year ending Dec. 31, 2024, was approved.