Aldrees Petroleum and Transport Services Co. Announces the Results of the Ordinary General Assembly (First Meeting) by means of modern technology.
| Element List | Explanation |
|---|---|
| Introduction | Aldrees Petroleum and Transport Services Co. announces the Results of the Ordinary General Assembly (First Meeting) that will be held online through means of modern technology at 18:30 on Thursday 28/08/1446H Corresponding to 27/02/2025G. |
| City and Location of the General Assembly's Meeting | Head office in Riyadh – That will be held online through means of modern technology. |
| Date of the General Assembly's Meeting | 2025-02-27 Corresponding to 1446-08-28 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 35.56% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following board members has attended the meeting
1-Mr.Hamad Mohammed Aldrees (Chairman of the Board) 2-Engr. Abdulmohsen M. Aldrees (Vice chairman of the Board). 3-Engr. Abdulilah Saad Aldrees (CEO) 4-Mr. Eid Falih Al-Shamri 5-Mr. Mohamad Abdullatif Al-Omair 6-Mr. Basil Ali Al Faris 7-Mr. Mohamad Salem Ali Musa 8-Mr. Farraj Saad Al-Qabbani
No one was absent |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1-Engr. Abdulmohsen M. Aldrees (Chairman of the Executive Committee)
2-Mr. Eid Falih Al-Shamri (Chairman of Audit Committee) 3- Mr. Basil Ali Al Faris (Chairman of Nomination and Remuneration Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- The financial statements for the financial year ended 31 December 2024 has been reviewed and discussed.
2- The Board of Directors Report for the financial year ended 31 December 2024 has been reviewed and discussed .
3- Approval of on the External Auditors report for the financial year ended 31 December 2024 after discussion.
4- Approval of the recommendation of the Board of Directors on the distribution of dividends for the financial year ended 31 December 2024 amounting (150) Millions, SAR (1.5) per share, The cash dividends shall be paid to eligible shareholders registered in the Securities. The eligibility of the dividends shall be for shareholders owning shares by the end of the trading day of the General Assembly meeting date and are registered at Depository Center Company (The Center) at the end of the second trading day following the General Assembly Meeting date. The distribution date will be on Thursday 13/03/2025G.
5- Approval of the Clearance of the Chairman and members of the Board of Directors with respect to the management of the company for the year ended 31 December 2024.
6- Approval of distribution bonus of SAR (6) Millions SR, the total fees of the BOD for the financial year ended 31 December 2024.
7 Approval of the selection of External Auditor (Ernst & Young) amount of fees (1190250)SR from among the candidates nominated by the Audit Committee to review and audit the annual financial statements of the company for the Q2, Q3 and annually for the FY2025 and Q1 for the FY2026 and the corresponding audit fees.
8- Approval of the delegating of authority to the Board of Directors by General Assembly with the authorization contained in Paragraph (1) of Article Twenty Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the session of the delegated Board of Directors, whichever comes first, in accordance with the conditions contained in the Executive Regulations of the Companies Law. For listed joint stock companies.
9- Approval of the contracts and businesses that will took place between the company and Aldrees Industrial and Trading Company (ALITCO), for the member of board of directors (Abdulmohsen Mohammed Aldrees)- indirect interest as he is a Board members and shares owner of Aldrees Industrial and Trading Company (ALITCO), as related parties and authorizing such transactions and note that there are no preferential terms in the contracts and these transactions are purchasing fuel pumps made by Dresser Wayne (USA/Brazil) for one year at competitive prices amounting to 16.5 Million riyals during the fiscal year 2024. |
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