News & Announcements

MOLAN

26 June, 2024 08:03

Molan Steel Co. Announces the Results of the Extraordinary General Assembly Meeting, ( First Meeting )

Element List	Explanation
Introduction	The Board of Directors for Molan Steel Co, a listed company in the Saudi stock market, is pleased to announce the results of the first meeting of the Extraordinary General Assembly which was held at 18:40 on Tuesday, June 25, 2024. The attendance rate reached at the meeting 76.80%. After completing the required quorum for the validity of the assembly meeting, the results of voting on the agenda items for the assembly meeting were as follows:
City and Location of the General Assembly's Meeting	From company headquarters, in Riyadh city by using modern technology means.
Date of the General Assembly's Meeting	2024-06-25 Corresponding to 1445-12-19
Time of the General Assembly’s Meeting	18:40
Percentage of Attending Shareholders	76.80%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The following members of the Board were attending: Mr. Abdulrahman Ibrahim Al Odaiby - Chairman of the Board of Directors Mr. Abdulaziz Ibrahim Al Odaiby - Member of the Board of Directors Eng. Bander Ibrahim Al Odaiby – Vice chairman of the Board of Directors And the following Board members were absent: Mr. Faisal Mrzoop Al Fahhadi - Member of the Board of Directors Eng. Muthanna Abdulaziz Al Raqtan - Member of the Board of Directors
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf	The Chairman of the Audit Committee, Eng. Bander Ibrahim Al Odaiby attended.
Voting Results on the Items of the General Assembly's Meeting Agenda's	1. Review the Board of Directors' report for the year ending on December 31, 2023, and discuss. 2. Approve the company's auditor's report for the year ending on December 31, 2023. 3. Review and discuss the financial statements for the year ending on December 31, 2023. 4. Approve Accountants for Professional Services RSM to be the external auditor for the company's accounts for the year 2024, based on the recommendation of the Audit Committee, with their fee set at SAR 160,000 excluding VAT. 5. Approve the discharge of liability of the Board members for the year ending on December 31, 2023. 6. Approve the transfer of the entire statutory reserve of the company, amounting to 567,080 Saudi Riyals, as stated in the financial statements ending on December 31, 2023, to the accumulated profits (losses) account. 7. Approve the election of members of the Board of Directors for the upcoming period, starting from July 11, 2024, and lasting for three years until July 10, 2027, with the following candidates: - Mr. Abdulrahman Ibrahim Al Odaiby - Eng. Bander Ibrahim Al Odaiby - Mr. Abdulaziz Ibrahim Al Odaiby - Eng. Muthanna Abdulaziz Al Raqtan - Mr. Faisal Mrzoop Al Fahhadi 8. Approve delegating the Board of Directors to distribute interim dividends for 2024 bi-annually or quarterly. 9. Approve delegating to the Board of Directors the General Assembly's powers stipulated in paragraph (1) of Article (27) of the Companies Law, for one year from the General Assembly's approval or until the end of the Board of Directors' term, whichever is earlier, as per the terms stated in the Implementing Regulation of the Companies Law for Listed companies in the Saudi Stock Market. 10. Approve amending Article 4 of the Articles of Association related to the company's purposes.

Other Announcements

SAUDI TOP

2024-06-27

Addendum Announcement from Saudi Top for Trading Co. in regards to the Results of the Ordinary General Assembly Meeting, (First Meeting)

2024-06-27

intelligent Oud Company for Trading Announces the start of the electronic voting on the items of the Extra Ordinary General Assembly’s Meeting (First Meeting) through means of modern technology (Reminder Announcement)

2024-06-27

Second mid-stabilisation announcement by Merrill Lynch Kingdom of Saudi Arabia in connection with the secondary offering of shares in Saudi Arabian Oil Company (Saudi Aramco)