Saudi Advanced Industries Co. (SAIC) Announces the Results of the Ordinary General Assembly Meeting (Second Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Saudi Advanced Industries Company (SAIC) announces the results of the Ordinary General Assembly Meeting (Second Meeting), which was held via modern technology at 9:30 p.m. on Wednesday, 29 Dhul-Hijjah 1446H (corresponding to 25 June 2025). As the legal quorum was not met for the first meeting, the second meeting was held one hour after the initially scheduled time. The attendance rate for the second meeting was 24).00%) of the company’s total capital |
| City and Location of the General Assembly's Meeting | Riyadh – The Company’s Head Office – via modern technology |
| Date of the General Assembly's Meeting | 2025-06-25 Corresponding to 1446-12-29 |
| Time of the General Assembly’s Meeting | 21:30 |
| Percentage of Attending Shareholders | 24.00% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board members attended the meeting:
1- Mr. Abdullah bin Mohammed Al-Humaidhi – Chairman of the Board 2- Mr. Abdulrahman bin Nasser Al-Obaid – Vice Chairman 3- Mr. Yasser bin Rasheed Al-Rasheed – Board Member 4- Dr. Abdullah bin Suleiman Al-Juraish – Board Member 5- Eng. Ahmed bin Abdulrahman Al-Rubaia – Board Member The member was absent to attending the meeting: 1- Mr. Faisal bin Abdullah Al-Moshawah – Board Member |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | The following Committee Chairmen attended the meeting:
1- Mr. Yasser bin Rasheed Al-Rasheed – Chairman of the Audit Committee 2- Eng. Ahmed bin Abdulrahman Al-Rubaia – Chairman of the Nomination and Remuneration Committee 3- Mr. Abdullah bin Mohammed Al-Humaidhi – Chairman of the Investment Committee |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1- The Board of Directors’ report for the fiscal year ended December 31, 2024 was reviewed and discussed
2- The financial statements for the fiscal year ended December 31, 2024 were reviewed and discussed 3- The external auditor’s report for the fiscal year ended December 31, 2024 was approved after discussion 4- The discharge of the Board Members from liability for the fiscal year ended December 31, 2024 was approved 5- Approval was granted to appoint the external auditor, Maham Professional Consulting Company, from among the nominated candidates based on the Audit Committee’s recommendation, to review and audit the financial statements for the second, third, and annual quarters of the fiscal year 2025, and the first quarter of fiscal year 2026, with a total fee of SAR 245,000 (excluding VAT) 6- Approval was granted for the Board of Directors’ recommendation to distribute cash dividends to shareholders in the amount of SAR 59,000,000 for the fiscal period ending December 31, 2024, representing 10% of the nominal value of the share, at a rate of SAR 1 per share, for a total of 59,000,000 shares. Eligibility will be granted to shareholders who own shares at the end of the trading day on the General Assembly meeting date and registered in the company’s shareholder register with the Securities Depository Center (Edaa) by the end of the second trading day following the meeting date. Dividend distribution will commence on Tuesday, July 15, 2025. 7- Approval was granted to elect the members of the Board of Directors for the upcoming term, which will start on 25/06/2025 and end on 25/06/2029 (a four-year term). The following members were elected: 1- Mr. Mohammed Shabib Al-Mutlaq 2- Ms. Yara Dakhil Al-Hajri 3- Mr. Abdullah Mohammed Al-Humaidhi 4- Mr. Yasser Rashid Al-Rashid 5- Mr. Badr Mohammed Al-Essa 6- Mr. Abdulrahman Nasser Al-Ubaid 7- Mr. Badr Ali Al-Rabiah |
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