NAQI

19 May, 2024 08:02

Naqi Water Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )

Element ListExplanation
Introduction The Board of Directors of Naqi Water Company is pleased to announce the results of the Ordinary General Meeting (the first meeting), which was held using modern technology at 6:30 pm on Thursday, 08/11/1445 AH corresponding to 16/05/2024 AD, where the percentage of attendance reached 71.22% of the total shares of the company. After the quorum necessary for the validity of the Ordinary General Meeting in accordance with the Companies Law and the Company's Articles of Association, the results of voting on the agenda of the Meeting were as follows:
City and Location of the General Assembly's Meeting Via means of modern technology from the company's headquarters in Qassim – Onaiza (Via Tadawulaty system)
Date of the General Assembly's Meeting 2024-05-16 Corresponding to 1445-11-08
Time of the General Assembly’s Meeting 18:30
Percentage of Attending Shareholders 71,22%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The meeting was attended by a number of members of the Board of Directors, namely: Mr. Amin Abdullah Al-Mallah (Chairman) Mr. Yousef Mohammed Al Qafari (Vice Chairman) Mr. Abdulaziz Yousef Al-Sayegh (Managing Director and CEO) Mr. Mustafa Hasaballah Al-Houfi (Member of the Board of Directors) The following are absent: Mr. Abdullah Mohammed Al-Rabdi (Member of the Board of Directors) Mr. Zaid Nihad Al-Nazer (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 meeting was attended by the following chairmen of the committee: Mr. Yousef Mohammed Al-Qafari (Chairman of the Remuneration and Nomination Committee) Mr. Mustafa Hasaballah Al-Houfi (on behalf of the Chairman of the Audit Committee)
Voting Results on the Items of the General Assembly's Meeting Agenda's 1. The financial statements for the financial year ended 31/12/2023 were reviewed and discussed. 2. The report of the Board of Directors for the fiscal year ended 31/12/2023 was reviewed and discussed. 3. The auditor’s report for the fiscal year ending 12/31/2023 was approved and discussed. 4. Discharge of the members of the Board of Directors for the year ended 31/12/2023 was approved. 5. Disbursement of an amount of SAR (135,000) as a remuneration for the members of the Board of Directors was approved for the fiscal year ending on 31/12/2023. 6. Appointment of Messrs. Ibrahim Ahmed Al-Bassam & Co – Certified Public Accountants – (a member of PKF International) from among the candidates upon the recommendation of the Audit Committee, was approved in order to review and audit the financial statements of the company for the second and third quarters of the fiscal year 2024 and the first quarter of 2025 and determine its fees. 7. Authorization of the Board of Directors to distribute interim profits on a semi-annual or quarterly basis for the fiscal year 2024 was approved. 8. The recommendation of the Board of Directors to distribute cash dividends to shareholders for the second half of the fiscal year ended 31 December 2023, amounting to SAR (10) million at a rate of SAR (0.50) per share, representing (5%) of the nominal Authorizing the Board of Directors to approve quarterly and semiannual profit dividends for the 2024. Therefore, the total dividends distributed for the fiscal year ended 31 December 2023 to be with an amount of SAR (30) million at a rate of SAR (1.5) per share, representing (15%) of the nominal share value, provided that the entitlement to shareholders who own shares at the end of trading on the day of the general meeting and are registered in the company's shareholders' register at the Securities Depository Center (Depository Center) at the end of trading on the second trading day following the due date, provided that the distribution of profits begins on 06/06/2024. 9. Transactions and contracts that will take place between the Company and Middle East Factory for Machines Co. ltd (MEMCO), in which the member of the Board of Directors, Mr. Zaid Nihad Al-Nazer, has an indirect interest, Which represent purchase of production lines, spare parts, supplies, and maintenance services for production lines and maintenance services. The period of dealing starts from 01/01/2024 AD and ends on 31/12/2024 AD. The value of transactions during the year 2023 AD amounted to SAR 3,509,527/-, which are transactions that took place in the course of normal business and in accordance with the prevailing commercial conditions and without any preferential conditions. 10. Transactions and contracts to be concluded between the company and Saqa United Group Company (a company that owns 35% of Naqi Company shares) in which the two members of the Board of Directors, Mr. Mustafa Hasballah Al-Hofy and Mr. Saleh Shabab Al-Sulami (resigned member), have an indirect interest, which is an indirect interest, which represent purchasing raw materials for production were approved. The transaction period begins on 01/01/2024 AD and ends on 31/12/2024 AD. The value of transactions during the year 2023 AD amounted to SAR 65,130,319/-, which are transactions that took place in the normal course of works and in accordance with the prevailing commercial conditions and without any Preferential terms. 11. The amendment of the work regulations of the Audit Committee Charter was approved. 12. The amendment of the work regulations of the Nomination and Remuneration Committee Charter was approved. 13. The amendment of the membership policy, standards and procedures of the Board of Directors was approved. 14. Authorization of the Board of Directors to authorize the Ordinary General Assembly with the license mentioned in paragraph (1) of Article Twenty-Seven of the Companies Law was approved, for a period of one year from the date of approval by the General Meetings or until the end of the authorized Board of Directors session, whichever is earlier, in accordance with the conditions contained in the Executive Regulations of the Companies Law for Listed Joint Stock Companies.
Additional Information In case of any query, we hope to communicate with the Shareholders Relations Department from Sunday to Thursday within daily working hours from 9:00 am to 5:00 pm: investor.relations@naqiwater.com P.O. Box: 608, Onaiza - Qassim Postal Code: 51911

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