Introduction: Osool & Bakheet Investment Company announces the results of the the Ordinary General Assembly Meeting (the first meeting), which was held at 20:30 PM, 30-06-2025 through modern technology means. This is after the legal required quorum for the meeting was completed.
City and Location of the General Assembly’s Meeting: In the city of Riyadh via modern technology means.
Date of the General Assembly’s Meeting: 30/06/2025
Time of the General Assembly’s Meeting: 20:30 PM
Percentage of Attending Shareholders: 69.05%
Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees:
Names of the Board Members present at the Assembly:
1- Mr. Abdullah AlKhorayef – Chairman
2- Mr. Abdulrahman AlYahya– Vice Chairman
3- Mr. Beshr Bakheet – Member
4- Mr. Khalid AlMousa – Member
5- Mr. Mazin AlDawood – Member
6- Mr. Wael AlSerhan– Member
Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on their Behalf:
1- Mr. Khalid AlMousa – Chairman of Audit Committee
2- Mr. Khalid AlMousa – Chairman of Risk Committee
3- Ms. Maha Faleh Alfaleh –Chairman of NORCOM
Voting Results on the Items of the General Assembly’s Meeting:
1-Reviewed and discussed the Board of Directors’ report for the fiscal year ended 31/12/2024.
2-Reviewed and discussed the financial statements for the fiscal year ended 31/12/2024.
3-Approved the external auditor’s report for the fiscal year ended 31/12/2024 after discussion.
4-Disapproved the discharge of the Board members from liability for the fiscal year ended 31/12/2024.
5-Approved the appointment of (Baker Tilly MKM & Co).as the Company’s external auditor from among the nominated firms, based on the recommendation of the Audit Committee, to review and audit the semi-annual and annual financial statements for the fiscal year 2025, and to determine their fees which amount to 345,000 SAR (excluding VAT).
6-Disapproved the disbursement of an amount of SAR 63,000 as a remuneration for the Board members for the fiscal year ended 31/12/2024.
7-Approved delegating 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 the General Assembly’s approval or until the end of the delegated Board’s term, whichever comes first, in accordance with the regulatory conditions stated in the implementing regulations of the Companies Law applicable to listed joint-stock companies.
8-Approval of the transactions and contracts conducted between the company and Future Creativity Digital Brokerage Company, in which the Board Member, Mr. Abdulrahman Yahya Al-Yahya, has an indirect interest due to his membership on the Board of Directors of Future Creativity Digital Brokerage Company. These transactions represent reimbursable expenses, with a total value of SAR 14,177,311 during the year 2024. It is noted that these transactions were conducted on a commercial basis without any preferential terms, resulting in a balance of SAR 8,175,000 as of 31/12/2024.
9-Approval of the transactions and contracts conducted between the company and Future Creativity Digital Brokerage Company, in which the Board Member, Mr. Mazin Mohammed Al-Dawood, has an indirect interest due to his membership on the Board of Directors of Future Creativity Digital Brokerage Company. These transactions represent reimbursable expenses, with a total value of SAR 14,177,311 during the year 2024. It is noted that these transactions were conducted on a commercial basis without any preferential terms, resulting in a balance of SAR 8,175,000 as of 31/12/2024.
