Latest news with #CompaniesLaw
3yon News
4 days ago
- Business
- 3yon News
إعلان شركة نفوذ للمنتجات الغذائية عن نتائج إجتماع الجمعية العامة غير العادية التي تضمنت الموافقة على زيادة رأس مال الشركة (الاجتماع الأول)
1. The company's financial statements for the fiscal year ending on December 31, 2024, were reviewed and discussed. 2. The Board of Directors' report for the fiscal year ending on December 31, 2024, was reviewed and discussed. 3. Approval of the auditor's report for the fiscal year ending on December 31, 2024, after discussion. 4. Approval of appointing Alzoman, Alfahad & Alhajjaj professional services Chartered Accountants as the company's external auditor from among the nominated firms based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for Q2, Q3, and the annual financials of 2025, and Q1 of 2026, with a total fee of SAR 390,000. 5. Approval of allowing Board Member Mr. Faisal bin Abdullah Al-Omaiqan to engage in activities competing with the company's business. 6. Approval of authorizing the Board of Directors with the powers of the Ordinary General Assembly as stated in paragraph (1) of Article 27 of the Companies Law for a period of one year from the date of this General Assembly's approval or until the end of the term of the authorized Board, whichever comes first, in accordance with the relevant executive regulations for listed joint-stock companies. 7. Approval of discharging the members of the Board of Directors from liability for the fiscal year ending December 31, 2024. 8. Approval of the Board of Directors' recommendation to distribute cash dividends amounting to SAR 11,908,359 (eleven million, nine hundred eight thousand, three hundred fifty-nine Saudi riyals) to shareholders for the fiscal period ending December 31, 2024, at SAR 0.25 per share, representing 25% of the nominal value of the share. Eligibility shall be for shareholders holding shares at the end of the trading day on the date of the General Assembly and registered in the company's shareholders register at the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date. Dividend distribution will commence on 15-06-2025. 9. Approval of disbursing board member remuneration in the amount of SAR 990,000 for the fiscal year ending December 31, 2024. 10. Approval of disbursing Audit Committee member remuneration in the amount of SAR 164,481 for the fiscal year ending December 31, 2024. 11. Approval of business and contracts to be concluded between the company and Abdullah Ibrahim Al-Omaiqan Real Estate Co., in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. These involve a lease contract for administrative offices and showrooms located in Al-Nuzha district, Riyadh. The contract duration is two calendar years, with an annual rental value of SAR 1,263,708 (exclusive of VAT). The total value of transactions in 2024 was SAR 1,263,708. These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 12. Approval of business and contracts to be concluded between the company and Mosakhan Waraq Enab Food Services Establishment, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. The contract is for the sale of food products with a one-year term. The total value of transactions in 2024 amounted to SAR 597,099 (exclusive of VAT). These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 13. Approval of business and contracts executed between the company and Al-Omaiqan Holidays and Travel, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. This involves an agreement to provide ticket booking services. The total value of transactions in 2024 amounted to SAR 367,291 (exclusive of VAT). These transactions were conducted in the ordinary course of business and under prevailing commercial terms without preferential conditions. 14. Approval of the amendment to the Audit Committee Charter. 15. Approval of the amendment to the Nomination and Remuneration Committee Charter. 16. Approval of the amendment to the Policy, Standards, and Procedures of Membership in the Board of Directors and its Committees. 17. Approval of the Competitive Activities Standards. 18. Approval of the Policy on Remuneration for Board Members, Committees, and Executive Management. 19. Approval of the Board of Directors' recommendation to increase the company's capital through the issuance of bonus shares as follows: • The capital increase will be through the capitalization of SAR 48 million from retained earnings, by granting one share for every one share held. • Total increase amount: SAR 48,000,000 • Capital before increase: SAR 48,000,000 • Capital after increase: SAR 96,000,000 • Increase percentage: 100% • Number of shares before the increase: 48,000,000 shares • Number of shares after the increase: 96,000,000 shares The capital increase aims to strengthen the company's financial position, support its expansion plans, and enhance shareholder returns by growing its business and seizing opportunities in the food sector. • Number of bonus shares: 1 share for every 1 share held • The increase will be through the capitalization of SAR 48,000,000 from retained earnings. Eligibility date: Shareholders who own shares by the end of the trading day on the date of the Extraordinary General Assembly and are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date. Fractional shares: In the event of fractional shares, they will be grouped in one portfolio and sold at market price. The proceeds will be distributed to eligible shareholders based on their respective entitlements within 30 days from the date of determining the entitled shares for each shareholder. • Approval of the amendment to Article (7) of the company's Articles of Association related to capital. Page 2 الأربعاء 01 مارس 2017 11:18 مساءً Page 3
Gulf Insider
18-05-2025
- Business
- Gulf Insider
Saudi Arabia Warns Firms to Submit Financial Statements or Face Fines
Businesses in Saudi Arabia have just weeks left to submit essential financial information or they face fines. The Ministry of Commerce has urged all companies with a fiscal year ending in December 2024 to submit their financial statements by Monday, June 30, 2025, to prevent financial penalties under the Companies Law. The ministry stated that Article 17 of the Companies Law stipulates that companies must prepare and submit their financial statements within six months of the fiscal year's end, in accordance with national accounting standards. Saudi accounting deadline It also noted that responsibility for submission lies with the company's president, manager, or board chairman, depending on its legal structure. Submitting financial statements ensures regulatory compliance, clarifies company performance and operations, and promotes transparency and good governance. It also helps avoid legal penalties, keeps shareholders and partners informed, and strengthens the company's credibility with lenders and investors. The ministry stressed that failure to prepare or submit financial statements in accordance with the approved standards and legal provisions will result in financial penalties under Article 262 of the Companies Law. Companies are required to submit their financial statements electronically via the Qawaem platform.
Arabian Business
17-05-2025
- Business
- Arabian Business
Saudi Arabia warns firms to submit financial statements or face fines
Businesses in Saudi Arabia have just weeks left to submit essential financial information or they face fines. The Ministry of Commerce has urged all companies with a fiscal year ending in December 2024 to submit their financial statements by Monday, June 30, 2025, to prevent financial penalties under the Companies Law. The ministry stated that Article 17 of the Companies Law stipulates that companies must prepare and submit their financial statements within six months of the fiscal year's end, in accordance with national accounting standards. Saudi accounting deadline It also noted that responsibility for submission lies with the company's president, manager, or board chairman, depending on its legal structure. Submitting financial statements ensures regulatory compliance, clarifies company performance and operations, and promotes transparency and good governance. It also helps avoid legal penalties, keeps shareholders and partners informed, and strengthens the company's credibility with lenders and investors. The ministry stressed that failure to prepare or submit financial statements in accordance with the approved standards and legal provisions will result in financial penalties under Article 262 of the Companies Law.
Argaam
17-05-2025
- Business
- Argaam
Commerce Ministry urges companies to submit 2024 financials
The Ministry of Commerce called on companies to submit their 2024 financial statements no later than June 30, 2025, to avoid financial penalties in accordance with the Companies Law. Companies should prepare their statements at the end of each fiscal year in line with the accounting standards approved in the Kingdom, the ministry clarified, adding that the financials should be submitted within six months of the fiscal year's end, in accordance with Article 17 of the Companies Law. The ministry noted that the responsibility for submitting the statements lies with the company's chairman, general manager, or chairman, depending on the company's legal structure.
Arab News
10-04-2025
- Business
- Arab News
Saudi CMA proposes new rules to enhance disclosure requirements
RIYADH: Saudi Arabia plans to enhance disclosure requirements for various share classes as part of a proposed regulatory overhaul to boost transparency and broaden funding options in the Kingdom's capital markets. The Capital Market Authority has opened a 30-day public consultation, starting April 9, on a draft framework that introduces stricter reporting rules for traditional, redeemable, and convertible share classes. Under the draft rules, listed companies would be allowed to increase their capital through the registration and offering of new types or classes of shares not previously listed on the market. It also includes provisions for raising capital, offering issuers greater flexibility in their financing strategies. According to a statement, the proposed amendments include an update to ownership disclosure thresholds. The new rules would require any person holding or having an interest in 5 percent or more of a company's voting rights — rather than total shares, as currently mandated — to notify the exchange. The move is part of the CMA's strategy to support capital formation, facilitate fundraising for companies, and improve the overall regulatory environment. In a post on X, the authority said the new proposals were made 'with the aim of enhancing the capital market's role in capital formation.' The draft framework builds on the Companies Law, which allows firms to issue different classes of shares with specific rights and privileges, as well as its implementing regulations for listed joint-stock companies. Earlier this week, the CMA launched a public consultation on allowing special purpose acquisition companies to list on the parallel market, Nomu, as part of efforts to boost private sector participation. The proposed regulatory framework would permit SPACs to be formed as joint stock companies under the Companies Law, with the primary goal of acquiring or merging with unlisted Saudi firms, in line with the Rules on the Offer of Securities and Continuing Obligations. In March, the CMA proposed amendments to expand the range of eligible issuers and align regulations for Special Purpose Entities. SPEs, established and licensed by the CMA, are independent financial and legal entities created for specific financing purposes, and are dissolved once their objectives are fulfilled. This initiative aims to strengthen the sukuk and debt instruments market, supporting the continued growth of the Kingdom's asset management industry.
