Latest news with #OrdinaryGeneralAssembly
3yon News
7 hours 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
Broadcast Pro
09-05-2025
- Business
- Broadcast Pro
Zain KSA appoints new Chairman and Vice Chairman
Mohammed Alkhudair has also been named Secretary of the Board of Directors. Zain KSA, a telecommunications and digital services provider in Saudi Arabia, has announced the appointment of new leadership for its Board of Directors following elections held at the Ordinary General Assembly on April 24, 2025. The newly elected Board, serving a four-year term, has named Eng. Abdullah bin Fahad Al-Fares as Chairman and Bader Nasser Al-Kharafi as Vice Chairman. Eng. Abdullah Al-Fares brings a wealth of experience in economic leadership and strategic transformation, with a strong background in both public and private sectors. Currently serving as Undersecretary for Strategy and Development at the Ministry of Industry and Mineral Resources, Al-Fares has previously held senior roles, including Chief Strategy Officer at a company under the Public Investment Fund and Deputy Governor for Strategy at the Small and Medium Enterprises General Authority. His academic background includes a Master's degree in Business Administration from Prince Sultan University and a Bachelor's degree in Electrical Engineering from King Saud University. Bader Nasser Al-Kharafi, the newly appointed Vice Chairman, is a well-established figure in the ICT industry across the Middle East and Africa. He currently serves as Vice-Chairman and Group CEO of Zain Group and holds positions on the boards of several regional and international companies across the financial and industrial sectors. Notably, he is also the Chairman of the Board at Boursa Kuwait. Al-Kharafi earned his MBA from the London Business School and holds a Bachelor's degree in Mechanical Engineering from Kuwait University.
Zawya
24-03-2025
- Business
- Zawya
Suez Canal Bank approves bonus shares worth $69mln
Egypt - The Ordinary General Assembly of Suez Canal Bank has approved the profit distribution plan for the 2024 fiscal year, which includes issuing bonus shares worth EGP 3.5bn at a rate of 0.53 shares per existing share. This will increase the bank's issued capital from EGP 6.5bn to EGP 10bn. The Ordinary and Extraordinary General Assemblies were chaired by Amr Tantawy, Chairperson of the Board, and attended by Akef El Maghraby, CEO and Managing Director, alongside board members and shareholders. Shareholders were able to participate electronically through an online voting system. During the Extraordinary General Assembly, members approved amendments to the bank's Articles of Association, including an increase in authorized capital to EGP 15bn and an adjustment of the issued and paid-up capital to EGP 6.5bn, distributed over 650 million shares at a nominal value of EGP 10 per share. The assembly also approved amendments to seven other articles. Amr Tantawy Following this, the Ordinary General Assembly convened and approved the Board of Directors' report on the bank's financial performance and activities for the fiscal year ending 31 December 2024. The financial statements and related disclosures were ratified, along with the proposed profit distribution plan. The assembly also discharged the Chairperson, CEO, and board members from liability for their activities during the fiscal year and approved changes in the board's composition since the last Ordinary General Assembly meeting on 31 March 2024. Additionally, the assembly authorized the CEO and Managing Director to oversee asset sales and sign necessary contracts, with the ability to delegate authority as needed. The board also determined allowances for its members for 2025, set donation limits for the year, and appointed external auditors while finalizing their fees. Suez Canal Bank reported a record-breaking financial performance in 2024, with net profits reaching EGP 5.7bn, reflecting a 148% increase compared to 2023. Total assets surged by 75%, rising to EGP 180.2bn from EGP 103bn. Deposits also saw significant growth, climbing by 84% to EGP 135.5bn from EGP 73.6bn, while the net loan and credit facilities portfolio expanded by 122% to EGP 74.9bn from EGP 33.8bn. These results underscore the bank's strong financial strategy and sustained growth trajectory.
Daily News Egypt
22-03-2025
- Business
- Daily News Egypt
Suez Canal Bank approves bonus shares worth EGP 3.5bn
The Ordinary General Assembly of Suez Canal Bank has approved the profit distribution plan for the 2024 fiscal year, which includes issuing bonus shares worth EGP 3.5bn at a rate of 0.53 shares per existing share. This will increase the bank's issued capital from EGP 6.5bn to EGP 10bn. The Ordinary and Extraordinary General Assemblies were chaired by Amr Tantawy, Chairperson of the Board, and attended by Akef El Maghraby, CEO and Managing Director, alongside board members and shareholders. Shareholders were able to participate electronically through an online voting system. During the Extraordinary General Assembly, members approved amendments to the bank's Articles of Association, including an increase in authorized capital to EGP 15bn and an adjustment of the issued and paid-up capital to EGP 6.5bn, distributed over 650 million shares at a nominal value of EGP 10 per share. The assembly also approved amendments to seven other articles. Following this, the Ordinary General Assembly convened and approved the Board of Directors' report on the bank's financial performance and activities for the fiscal year ending 31 December 2024. The financial statements and related disclosures were ratified, along with the proposed profit distribution plan. The assembly also discharged the Chairperson, CEO, and board members from liability for their activities during the fiscal year and approved changes in the board's composition since the last Ordinary General Assembly meeting on 31 March 2024. Additionally, the assembly authorized the CEO and Managing Director to oversee asset sales and sign necessary contracts, with the ability to delegate authority as needed. The board also determined allowances for its members for 2025, set donation limits for the year, and appointed external auditors while finalizing their fees. Suez Canal Bank reported a record-breaking financial performance in 2024, with net profits reaching EGP 5.7bn, reflecting a 148% increase compared to 2023. Total assets surged by 75%, rising to EGP 180.2bn from EGP 103bn. Deposits also saw significant growth, climbing by 84% to EGP 135.5bn from EGP 73.6bn, while the net loan and credit facilities portfolio expanded by 122% to EGP 74.9bn from EGP 33.8bn. These results underscore the bank's strong financial strategy and sustained growth trajectory.
Zawya
13-03-2025
- Business
- Zawya
Qatar: The General Assembly of Estithmar Holding approves financial results and dividends distribution for the year ended 2024
Both the Ordinary General Assembly and the Extraordinary General Assembly of Estithmar Holding Q.P.S.C convened and approved the company's financial results for the year ended December 31, 2024. Additionally, the Ordinary General Assembly approved the Board of Directors' proposal to distribute dividends for the same period, amounting to 1 share for every 10 shares. Both assemblies also approved the agenda items, with the following highlights: Ordinary General Assembly: The General Assembly approved the Board of Directors' report on the Company's activities and financial position for the year ending 31/12/2024. The General Assembly approved the auditors' report on the financial statements of the Company for the year ending 31/12/2024. The General Assembly approved the company's Balance Sheet and profit and loss statement for the year ending 31/12/2023. Approving the distribution of dividends for the period ending December 31, 2024, at a rate of 10% of the company's capital by distributing free shares at a rate of 1 share for every 10 shares, equivalent to 0.1 share per share, and the allocation of fractional shares resulting from the distribution process to Estithmar Holding Q.P.S.C., if any. Approval of the company's Governance Report for the year ending on 31/12/2024. Approval of discharging the Board of Directors' members of any liability for the financial year ending 31/12/2024 and the decision to distribute remunerations The General Assembly approved the appointment of Russell Bedford & Partners as the Auditors for the financial year ending 31/12/2024 and approved their fees as per the Board's recommendations Extraordinary General Assembly: Approval of a 10% capital increase to distribute free shares, at a ratio of 1 share for every 10 shares, to be issued after obtaining the necessary approvals, making the company's capital 3,744,441,250 Qatari Riyals, distributed over 3,744,441,250 shares. Approval of amendments to Articles 5 (Company Capital) and 6 of the company's of the provisions of the Articles of Association. Approval of an amendment to Article 3 of the company's Articles of Association to change the company's headquarters from Doha to Lusail. Approval of an amendment to Article 18 of the company's Articles of Association to allow non-Qataris to own up to 100% of the company's shares, in accordance with Article 7 of Law No. 1 of 2019. Approval to the extension of the selling period for shares held by related parties, with the aim of reducing their ownership in the company, whether currently owned or acquired in the future, to less than 75% of the issued capital. This extension will last for 24 months from the date of approval by the Extraordinary General Assembly, in compliance with the applicable rules under the Qatar Financial Markets Authority. Authorizing the Chairman of the Board of Directors, the Vice Chairman of the Board of Directors individually, and any person selected by the Chairman of the Board of Directors of Estithmar Holding Q.P.S.C. to apply for the required approvals and to review with the Prime Minister's Office, the Ministry of Justice, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, the Qatar Stock Exchange, Qatar Central Securities Depository, and any other relevant authority in the State of Qatar, in order to amend the company's Articles of Association, sign it, submit any necessary documents for making those amendments, and represent the company to any public or private entity concerning the issuance of shares. This includes signing and submitting on behalf of the company all documents, notifications, permits, or agreements that the authorized person considers appropriate concerning the issuance of shares © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
