Results of the second meeting of the Ordinary General Assembly at Morse Information Technology Holding Company (a closed Saudi joint stock company), held on Sunday, 10/17/1444 AH, corresponding to 05/07/2023 AD, in Jeddah
Based on the invitation extended by the Chairman of the Board of Directors to the company's shareholders to attend the Ordinary General Assembly, the second meeting to discuss the items of the Ordinary General Assembly, the Ordinary General Assembly meeting was held at the company's headquarters in Jeddah on Sunday, 10/17/1444 AH, corresponding to 05/07/2023 AD, exactly at 10:00 am, headed by Dr. Fahad Farouk Hakim, who announced that the quorum required for the validity of the assembly meeting has been completed, as shareholders representing (50,000) shares, which is (100%) of the total capital of the company. Therefore, the meeting of the assembly is valid according to the text of Article (62) of the Companies Law. Appointing Ms. Atheer Saleh Al-Qurashi as secretary of the association, then the association’s president asked the association’s secretary to recite the agenda items; after that, the discussion opened, and the association’s president asked the shareholders to vote on the agenda items, and the voting result was as follows:
Assembly items
1- Approval of the unaudited financial results for the first quarter ending on 03/31/2023.
· Total assets in the first quarter amounted to 639,954.33 riyals, compared to 555,324.31 riyals in the previous quarter, an increase of 15%.
· Ownership equity amounted to 531,856.39 riyals compared to 769,320.57 riyals in the previous quarter, a decrease of 30.8% (the reason for this is the liquidation of the entire investment portfolio of the company).
· The total revenues for the first quarter amounted to 249,822.40 riyals, compared to 7,737.34 riyals in the previous quarter, with an increase of 3129% (the reason for the increase in revenues is due to the activation of Morse services for the business sector).
· Total expenses for the first quarter amounted to 205,853.53 riyals, compared to 245,201.53 riyals for the previous quarter, a decrease of 16%.
· Net income for the first quarter amounted to 43,968.87 riyals, compared to losses of 237,464.18 riyals.
· Earnings per share for the first quarter amounted to 0.88, or 8.8%, compared to a loss of -4.75 per share.
2- The completion of the sale of all 867 shares of the company owned by Fash Fash Company, at the market value on 02/14/2023 AD, at a price of 179.4 riyals per share, which was purchased by a related party, Dr. Fahad Farouk Hakim, and which will be transferred to his personal portfolio during the current year, with a maximum of 12/31/2023 AD.
3- Completion of the acquisition of the Haraj Net application, at a value of 100,000 Saudi riyals, which belongs to a related party (Fahad Farouk Hakim).
4- Signing a contract to purchase from a related party (Fahad Farouk Hakim) the share of Morse Information Technology Holding Company in Salons Company at a cost of 365,000 Saudi riyals, provided that its value is paid during the current year 2023 AD.
5- Absolving the members of the Board of Directors from liability for the financial period ending on 03/31/2023.
Association Secretary: Association President:
Name: Atheer Saleh Al-Qurashi Name: Dr. Fahad Farooq Hakim