Walaa Cooperative Insurance Company calls its shareholders to attend the Extraordinary General Assembly Meeting (First Meeting) Through Modern Technology
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Walaa Cooperative Insurance Company is pleased to invite the Company’s shareholders to attend the Extraordinary General Meeting (First Meeting) on Tuesday 18:30 p.m., in 20/5/2025 corresponding to 22/11/1446 H via modern technology means provided by Tadawulaty platform. |
| City and Location of the General Assembly's Meeting | At Company’s Headquarter in Khobar, 14th floor of Adel Kashoggji Building, Custodian of the Two Holy Mosques Road, Al Khubar Al Janubiyah through Modern Technology. |
| Hyperlink of the Meeting Location | Click Here |
| Date of the General Assembly's Meeting | 2025-05-20 Corresponding to 1446-11-22 |
| Time of the General Assembly’s Meeting | 18:30 |
| Methodology of Convening the General Assembly’s Meeting | Via modern technology means |
| Attendance Eligibility, Registration Eligibility, and Voting End | Any shareholder registered in the Company’s share registry at the Depository Center as of the end of trading on the General Assembly’s Meeting day, has the right to attend the General Assembly meeting as per the rules and regulations. As the shareholder has the right to delegate whomever other than the board of directors. |
| Quorum for Convening the General Assembly's Meeting | The validity of this meeting also requires the presence of a number of shareholders representing 50% of the capital. In the event that a quorum is not reached in this meeting, a second meeting will be held one hour after the time scheduled for the first meeting. The second meeting will be valid if it is attended by a number of shareholders representing 25% of the capital. |
| General Assembly Meeting Agenda | 1. Voting on the External auditor’s report for the financial year ended on 31/12/2024 after discussed.
2. Viewing and discussing on the Company’s annual financial statements for the financial year ended on 31/12/2024.
3. Viewing and discussing on the Board of Directors report for the financial year ended on 31/12/2024.
4. Voting on releasing liability of the board members for the year ended on 31/12/2024.
5. Voting on appointment of the External Auditors among the nominated as recommended by the Audit Committee to audit and review the company’s financial statements for the second, third quarter, and annual statements for the year 2025 and first quarter of 2026, and determination of their fees.
6. Voting on the Board of Directors’ remuneration at SAR 3,722,500 for the year ended on 31/12/2024.
7. Voting on the business and contracts between the Company and Saudi Telecom Company, which the Board member Mr. Jameel Abdullah Al Molhem has indirect interest as he is a Board Member in the company. The business related to several insurance policies for one year. Note that last year FY 2024 total insurance premiums was SAR 23,630,039 based on commercial bases without any preferential treatment (attached).
8. Voting on authorizing the Board of Directors with the General Assembly authority with the rights mentioned in paragraph (1) of Article (27) of the Companies Law for one year from the date of approval of the General Assembly or until the end of the session of the authorized Board of Directors, whichever is earlier, in accordance with the conditions mentioned in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies. 9. Voting on the nomination to the Board of Directors of the Company for the term starting from 26/05/2025 till 25/05/2028, for three years (attached is the CV of the candidates).
10. Voting on amending article (16) of the bylaws related to the Management (attached) 11. Voting on amending the Board of Directors Membership Appointment Policy and Procedures (attached) |
| Proxy Form |  |
| The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right | The shareholder has the right to discuss the topics included in the assembly’s agenda and ask questions, the shareholders who are registered in Tadawulaty can remotely vote on the General Assembly Meeting’s agenda items through the following link: (www.tadawulaty.com.sa).
Voting on the items of the General Assembly agenda online will be start from 1:00 am, 16/05/2025 G (Corresponding to 18/11/1446 H), until the end of the Extraordinary General Assembly. |
| Details of the electronic voting on the Assembly’s agenda | Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes. |
| Method of Communication in Case of Any Enquiries | Any questions or quires should be communicated to Walaa’s Investor Relations Unit - Compliance Department by calling at 0138299405 or by Email to: investors@walaa.com |
| Attached Documents | |
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