News & Announcements

PAN GULF

26 June, 2024 08:03

Pan Gulf Marketing Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )

Element List	Explanation
Introduction	Pan Gulf Marketing Company is pleased to announce the results of the Extraordinary General Assembly meeting No. 1 (First meeting) that took place on 19/12/1445 AH corresponding to 25/06/2024 G at 6:45 PM by means of modern technology, after securing the required quorum.
City and Location of the Extraordinary General Assembly's Meeting	Riyadh - the company's main Office - using modern technology.
Date of the Extraordinary General Assembly's Meeting	2024-06-25 Corresponding to 1445-12-19
Time of the General Assembly’s Meeting	18:45
Percentage of Attending Shareholders	88.09%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The following board members have attended the meeting: 1- Abdullah Ahmed AlManea (Chairman) 2- Khalid Abdulaziz AlBabtain (Vice- Chairman) 3- Omer Mohammed AlHoshan (Board Member) 4- Thamer Mohammed Bin Muammar (Board Member)
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf	The chairman of audit committee: Omer Mohammed AlHoshan
Voting Results on the Items of the General Assembly's Meeting Agenda's	1- Review the Board of Directors’ report for the financial year ending 12/31/2023 AD and discussing it. 2- Approving the auditor’s report for the fiscal year ending 12/31/2023 AD after discussing it. 3- Review the financial statements for the fiscal year ending on 12/31/2023 AD and discussing them. 4- Approving discharging the members of the Board of Directors from their liabilities for the fiscal year ending on 12/31/2023. 5- Approving appointing the company’s auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the semi-annual and annual financial statements from the year 2024 AD and determine his fees 6- Approving the business and contracts concluded between the company and (Al-Hoshan Holding) Company, in which the Chairman of the Board of Directors, Mr. Abdullah bin Ahmed Al-Mana, has an (indirect) interest, and the Vice President, Mr. Khalid bin Abdulaziz Al-Babtain, has an (indirect) interest in, It is (shared services charged for one year for the year 2023 AD and without any preferential terms) in the amount of 2,043,583 Saudi riyals. 7- Approving the business and contracts concluded between the company and (Al-Hoshan Holding) Company, in which the Chairman of the Board of Directors, Mr. Abdullah bin Ahmed Al-Mana, has an (indirect) interest, and the Vice President, Mr. Khalid bin Abdulaziz Al-Babtain, has an (indirect) interest in, It is (dividends for one year for the year 2023 AD without any preferential conditions) in the amount of 5,500,000 Saudi riyals. 8- Approving the business and contracts concluded between the company and (Al-Hoshan Holding) Company, in which the Chairman of the Board of Directors, Mr. Abdullah bin Ahmed Al-Mana, has an (indirect) interest, and the Vice President, Mr. Khalid bin Abdulaziz Al-Babtain, has an (indirect) interest in, It is (transferable financing for one year for the year 2023 AD and without any preferential conditions) in the amount of 7,543,583 Saudi riyals. 9- Approving the business and contracts concluded between the company and ASAS Pan Gulf Real Estate Investment Company, in which the Chairman of the Board of Directors, Mr. Abdullah bin Ahmed Al-Mana, has an (indirect) interest, and the Vice President, Mr. Khalid bin Abdulaziz Al-Babtain, has an (indirect) interest. ) in it, which is (shared services charged for one year for the year 2023 AD and without any preferential conditions) in the amount of 1,884,336 Saudi riyals. 10- Approving the business and contracts concluded between the company and (ASAS Pan Gulf Real Estate Investment Company) in which the Chairman of the Board of Directors, Mr. Abdullah bin Ahmed Al-Mana, has an (indirect) interest, and the Vice President, Mr. Khalid bin Abdulaziz Al-Babtain, has an (indirect) interest. ) in it, which is (rents for one year for the year 2023 AD and without any preferential conditions) in the amount of 1,225,000 Saudi riyals. 11- Approving the business and contracts concluded between the company and (ASAS Pan Gulf Real Estate Investment Company), in which the Chairman of the Board of Directors, Mr. Abdullah bin Ahmed Al-Mana, has an (indirect) interest, and the Vice President, Mr. Khalid bin Abdulaziz Al-Babtain, has an (indirect) interest. ) in it, which is (transferable financing for one year for the year 2023 AD and without any preferential conditions) in the amount of 659,336 Saudi riyals. 12- Approving the Board of Directors’ recommendation to increase capital by granting free shares to the company’s shareholders according to the following: - The company's capital before the increase is (50,000,000) Saudi riyals divided into (5,000,000) ordinary shares. - The company's capital after the increase is (75,000,000) Saudi riyals divided into (7,500,000) ordinary shares. - The total amount of the increase is (25,000,000) Saudi riyals - Capital increase percentage: 50% - Reason for increasing capital: The company aims by raising capital to support and strengthen the capital base and future activities of the company, which contributes to achieving good growth rates during the coming years, God willing, and in continuation of the company’s followed policy. - Method of increasing capital: By granting free shares through capitalization of (25,000,000) twenty-five million Saudi riyals from the balance of retained earnings as of 12/31/2023 AD, by granting one free share for every two shares owned by shareholders. Eligibility date: If this clause is approved, eligibility will be for shareholders who own shares at the end of the day of the extraordinary general assembly and are registered in the company’s shareholder registry with the Securities Depository Center Company (Edaa Center) at the end of the second trading day following the date of the extraordinary general assembly. Regular. - Amending Article (6) of the company’s bylaws related to (capital) - Amending Article (7) of the company’s bylaws related to (subscription to shares) 13- Approving adding an article to the company’s bylaws No. (12-A) related to (the company’s purchase, sale, and mortgage of its shares). 14- Approving amending Article (18) of the company’s bylaws, related to (the powers of the president, deputy, managing director, and secretary). 15- Approving amending Article (25) of the company’s bylaws, related to (the quorum for the ordinary general assembly meeting). 16- Approving amending Article (27) of the company’s bylaws, related to (voting in assemblies). 17- Approving amending Article (28) of the company’s bylaws, related to (association decisions). 18- Approving amending Article (33) of the company’s bylaws, related to (composing reserves). 19- Approving amending Article (34) of the company’s bylaws, related to (entitlement to dividends). 20- Approving amending Article (36) of the company’s bylaws, related to (final provisions). 21- Approving authorizing the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the year 2023-2024. In the event of approval to amend Article (33).
Additional Information	If you have any inquiries, please contact our Investors Department - Phone number: 0114732595 - Email: customerservicecont@pangulfmarketing.com

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