Results of the third meeting of the Ordinary General Assembly at Morse Holding Company (a closed Saudi joint stock company), held on Saturday, corresponding to 23/09/2023 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 Saturday , corresponding to 23/09/2023 AD, exactly at 06:00 pm, 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. Aseel Al-Jadeibi. 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 second quarter ending on 30/06/2023.
· Total assets in the second quarter amounted to 599,341.72 riyals, compared to 639,954.33 riyals in the previous quarter, a decrease of -6.3 %.
· Ownership rights in the second quarter amounted to 425,712.65 riyals compared to 575,825.26 riyals in the previous quarter, a decrease of -26%.
· The Total revenues for the second quarter amounted to 57.30 riyals, compared to 249,822.40 riyals in the previous quarter, with a decrease of -99/9% (the reason for the decrease in revenues is that the financial impact of the contracts that were concluded in the second quarter did not appear due to the lack of Its maturity and its financial impact will appear in the third and fourth quarter of the current year).
· Total expenses for the second quarter amounted to 150,169.91 riyals, compared to 205,853.53 riyals for the previous quarter, a decrease of 27% (the reason for this is the decrease in the company’s operating expenses)
· Net profits and losses for the second quarter amounted to - 150,112.61 riyals compared to the previous quarter, amounting to 43,968.87 riyals, a decrease of - 241%.
· Loss per share amounted to -3.00 riyals, at a rate of 30%, compared to a profit of 088 riyals for the previous quarter.
· The company's loss amounted to 30% of the capital.
2- Approval to cancel the contract concluded No. 22015 dated 12/30/2022 AD, noting that it has not been implemented since its conclusion until the date, and therefore it is considered as if it never existed.
3- Approval of a contract with Morse Business Services Corporation, which is owned by a related party, partner Fahd Farouk Hakim, starting from 04/01/2023 AD regarding the contract to provide business services to Morse Holding Company in exchange for a fixed monthly amount of 35,000 per month, which can be increased or decreased by no percentage. More than 20%
4- Discharge of the members of the Board of Directors from their liabilities for the financial period ending on 30/06 2023
The meeting ended at 6:30 PM, with the Association President thanking all attendees for participating and attending this meeting.