Riyadh Development Company Announces the Results of the Extraordinary General Assembly Meeting (First Meeting)

11 May 2025 09:14 AM

ARDCO 4150 -8.11% 30.80 -2.72

Element List	Explanation
Introduction	Riyadh Development Company is pleased to announce to its valued shareholders the results of the Extraordinary General Assembly Meeting.
City and Location of the General Assembly's Meeting	Riyadh - the headquarters of the company's general administration through modern technological means
Date of the General Assembly's Meeting	2025-05-08 Corresponding to 1446-11-10
Time of the General Assembly’s Meeting	19:00
Percentage of Attending Shareholders	60.73
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The meeting was attended by the following members of the Board of Directors: 1- Mr. Majed bin Nasser Al Subaie (Vice Chairman of the Board of Directors) 2- Mr. Fahd bin Abdullah Al-Qasim 3- Mr . Suleiman bin Nasser Al-Hatlan 4- Mr. Abdullah bin Muhammad Al-Bahouth 5- Mr. Nayef bin Ibrahim Al-Hadithi 6- Mr. Abdul-Ilah bin Abdul-Rahman Al-Hussein 7- Mr. Abdul Rahman bin Ayedh Al-Qahtani He also apologized for attending the meeting, His Highness Prince / Faisal bin Abdulaziz bin Ayyaf (Chairman of the Board of Directors) The association is chaired by the Vice Chairman 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 heads of the following committees: 1- Mr. Majed bin Nasser Al Subaie (Chairman of the Executive Committee). 2- Mr. Sulaiman bin Nasser Al-Hatlan (Chairman of the Audit Committee). 3- Mr. Abdul-Ilah bin Abdul-Rahman Al-Hussein (Chairman of the Remuneration and Nominations Committee).
Voting Results on the Items of the General Assembly's Meeting Agenda's	1- Approval of the election of Board members from among the candidates for the next term, which begins on June 25, 2025, and ends on June 24, 2029, for a period of four years. The members are: 1. His Highness Prince Dr. Faisal bin Abdulaziz bin Ayyaf (Non-Executive Member) 2. Ibrahim bin Saad Al-Moajil (Independent Member) 3. Abdulrahman bin Ayed Al-Qahtani (Non-Executive Member) 4. Majed bin Nasser Al-Subaie (Independent Member) 5. Sulaiman bin Nasser Al-Hitlan (Independent Member) 6. Osama bin Fareej Al-Owaidi (Independent Member) 7. Yazid bin Mohammed Al-Jared (Independent Member) 8. Naif bin Ibrahim Al-Hadithi (Independent Member) 2- The Board of Directors' report for the fiscal year ending December 31, 2024, was reviewed and discussed. 3- Approval and discussion of the company's auditors' report for the fiscal year ending December 31, 2024. 4- The financial statements for the fiscal year ending December 31, 2024 were reviewed and discussed. 5- Approval was given to the appointment of Ernst & Young Professional Services as the company's auditors, from among the candidates nominated by the Audit Committee, to examine, review, and audit the financial statements for the second and third quarters and the annual financial statements for the fiscal year 2025, and the first quarter of the fiscal year 2026, for a total fee of SAR 1,250,000, excluding value-added tax. 6- Approval was given to the Board of Directors to pay SAR 1,800,000 as remuneration for the fiscal year ending December 31, 2024. 7- Approval of the Board of Directors' recommendation to distribute cash dividends of SAR 0.25 per share to the company's shareholders for the second half of 2024. This dividend represents 2.5% of the nominal value per share, amounting to SAR 58,482,704.50. Eligibility will be granted to shareholders who own shares at the end of trading on the day of the General Assembly and are registered in the company's shareholders' register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the due date. Dividends will be distributed on May 25, 2025. 8- Approval of the Board of Directors' authorization to distribute interim dividends on a semi-annual/quarterly basis for the fiscal year 2025. 9- Approval of transferring the statutory reserve balance, totaling SAR 184,701,083 as of the financial statements for the year ending December 31, 2024, to retained earnings.

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