(Results of the Ordinary General Assembly Meeting, Third Meeting) of Morse Information Technology Holding Company (a closed Saudi joint stock company) on Wednesday 06/10/1444 AH corresponding to 04/26/2023 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 third 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 Wednesday, 10/12/1444 AH, corresponding to 02/05/2023 AD, at exactly the same time. 9:30 a.m headed by Dr. Fahd Farouk Hakim has announced that the quorum required for the validity of the assembly meeting has been completed, as shareholders representing (50,000) shares representing (100%) of the total capital of the company amounting to (50,000) shares attended. 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 was opened and the association’s president asked the shareholders to vote on the agenda items The result of the vote was as follows:-
Assembly items
1- Cancellation of two requests to inform the Ministry of the Ordinary General Assembly
- No. 1358622 dated 04/26/2023 AD
- No. 1358643 dated 04/29/2023 AD
2- Appointing the first auditor for the accounts of the company, Messrs. / Zain Al-Abidin Al-Harbi Professional Consulting Company (certified accountants)
3- The report of the Board of Directors issued No. 101/2022 and dated 12/31/2022 was approved.
4- The audited financial statements for the year ending on 12/31/2022 were approved, and they include
Total assets 555,324 riyals-
Total shareholders' equity 531,856 riyals-
Income and (losses) from investments in equity instruments 447,442 riyals-
General and administrative expenses - 252,564 riyals-
Total profit for the period is 194,878 riyals-
Losses on remeasurement of investments in equity instruments - 162,736 riyals-
Net profit for the period before zakat is 37,142 riyals-
Net profit for the period after zakat is 31,856 riyals-
Net profit (per share) 0.637 riyals-
5-The auditor's report for the year ending on 12/31/2022 was approved
6-The auditor's report for the year ending on 12/31/2022 AD was approved
7- It was approved to release the members of the Board of Directors from liability for the year ending on 12/31/2022 AD.
8-It was approved not to distribute profits for the year ending on 12/31/2022 AD
9-It was approved not to distribute bonuses to members of the Board of Directors for the year ending on 12/31/2022 AD.
10-Agree to agree to pay the full amount due. Fahd Farouk Hakim, the sum of his funding for the portfolio, in exchange for selling the company’s shares, at a price that is contained in a separate contract No. 101/2022 dated 12/31/2022 AD.
11- Approval of dealing and contracting with related parties, the Morse Corporation for Business Services, owned by a member of the Board of Directors, Fahd Farouk Hakim, in exchange for employing workers to operate the Morse Information Technology Company, provided that, Morse Corporation pays government salaries and salaries for workers, and its value is 35,000 riyals, subject to increase. And a maximum of 50,000 Saudi riyals. (Under Contract No. 22015 dated 12/30/2022 AD)
12- Approving the approval of the management license to practice a competing activity d. Fahad Farooq Hakim.
13- The business and contracts concluded between the company and Board member Fahd Farouk Hakim were approved, with the approval of the purchase of a related party (Fahd 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 within a maximum period 12/31/2023 AD
The meeting ended at 10:30 am, when the president of the association thanked all those present for participating and attending this meeting .