Wednesday, February 05, 2025 at 8:30 PM
Osool & Bakheet Investment Company announces the results of the Ordinary General Assembly Meeting (First Meeting) for the year 2025, which took place at 7:00 PM on Monday, February 5, 2025, conducted remotely via modern technology. The meeting was held after achieving the necessary legal quorum, with an attendance rate of 74.47% The following members of the Board of Directors were present: Mr. Abdullah Al-khurayef, Mr. Abdulrahman Al-Yahya, Mr. Mazin AlDawood Mr. Wael Al-Sarhan and Mr. Khaled Al-Mousa. Mr. Beshr Bakheet was absent from the meeting. The Chairman of the Audit and Risk Committee, Mr. Abdullah Al-Khreef, and Chairman of NORCOM Committee Mr. Abdul Wahab Al-Betairi was also present. The voting results were as follows:
1- Approval of the transactions and contracts between the company and Creative Future for Digital Brokerage, in which Board Member Mr. Abdulrahman Yahya AlYahya has an indirect interest, specifically related to agency expenses. The value of the transactions in 2023 amounted to SAR 5,465,268. Please note that these transactions are conducted on commercial terms without any preferential conditions.
2- Approval of the transactions and contracts that will take place between the company and the owners of (AOT), in which the Vice Chairman of the Board, Mr. Abdulrahman Yahya AlYahya, has a direct interest (ownership of 16.67%) as well as an indirect interest through Ms. Samiah AlYahya’s 10% ownership in AOT (Ms. Samiah is Mr. Abdulrahman AlYahya’s sister). Additionally, Board Member Mr. Khalid AlMousa has a direct interest (ownership of 10%) and an indirect interest through Mr. Abdulmohsen AlMousa’s 10% ownership in AOT (Mr. Abdulmohsen is Mr. Khalid AlMousa’s brother). The transaction involves the acquisition of 51% of the shares of AOT for an amount of SAR 5,100,000, with the following preferential terms:
A. In exchange for the sale of the full shares of two sellers in the acquired company to Osool & Bakheet (to enable it to acquire 51% of the company), the following terms have been granted in case the company is publicly listed in the future:
The buyer waives the right to subscribe to the shares:
• For a maximum amount of SAR 2,000,000, which will be granted to the seller (Ms. Samiah AlYahya) for subscription.
• For a maximum amount of SAR 3,334,000, which will be granted to the seller (Mr. Abdulrahman AlYahya) for subscription.
B. The duration of this commitment from the buyer to the sellers is 10 years from the date of signing the agreement, in accordance with the mechanism to be agreed upon at that time, and in compliance with the relevant laws and regulations.
3- Approval of the election of the Board of Directors members from among the candidates for the upcoming term, which starts on 05/02/2025 and lasts for four years, ending on 04/02/2029. The elected members are:
1- Mr. Beshr Bakheet
2- Mr. Mazin AlDawood
3- Mr. Abdullah AlKhorayef
4- Mr. Abdulrahman AlYahya
5- Mr. Khalid AlMousa
6- Mr. Wael AlSerhan
