Based on the invitation extended by the Chairman of the Board of Directors to shareholders of the Company to attend the First Extraordinary General Assembly Meeting to discuss the agenda items , the meeting was held via Iqrar Platforms on ,Sunday, 29/6/2025, at 10:00 AM,headed by Chairman the Board of Directors Dr. Fahd Farouk Hakim .
It was announced that the quorum required for validity of the meeting was achieved , with shareholders attending who represent 50,000 shares constituting 100% of the Company’s total share capital of 50,000 shares. Accordingly, the meeting was deemed valid pursuant to Article (61) of the Companies Law.
Ms. Riham Hatim Anbar was appointed as the Secretary of the Assembly.
The Chairman then requested the Secretary to read out the agenda items. Following this, for discussion, and the Chairman requested the shareholders to vote on the agenda items.
The Voting Results were as follows:
|
Decision Outcome |
Approval Percentage |
Number of Shares |
|
N |
||
|---|---|---|---|---|---|---|
|
Approved |
100% |
50000 |
Amend Article 6 (Capital): Reduce nominal share value from SAR 10 to SAR 1, and increase the number of shares from 50,000 to 500,000. |
1 |
||
|
Approved |
100% |
50000 |
- Amend Article 8 (Company Management): Reduce number of Board members from 5 to 3. |
2 |
||
|
Approved |
100% |
50000 |
Amend Article 11 (Board Compensation): Allow compensation as a percentage of net profit, meeting attendance fee, fixed amount, or as determined by the General Assembly. |
3 |
||
|
Approved |
100% |
49000 |
Accept resignations of Board members. |
4 |
||
|
Approved |
100% |
50000 |
Reconstitute the Board of Directors. |
5 |
||
|
Approved |
100% |
2000 |
Approve contract with Morse Business Services (owned by related party Dr. Fahd Farouk Hakim) to manage Morse Holding’s operations via their staff at a fixed monthly amount of SAR 20,000, effective 01/07/2025. |
6 |
||
|
Approved |
100% |
2000 |
- Terminate operation of Iqrar Platform (CR 7043114656), registered under related party Dr. Fahd Farouk Hakim, in which Morse Holding owns 75%. To be converted into an LLC. |
7 |
The meeting ended at 10:30 AM. The Chairman thanked attendees for their participation.