Based on the invitation sent by the Chairman of the Board of Directors to the company’s shareholders to attend the Ordinary General Assembly meeting, the fourth meeting was held 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, 12/16/2023, at exactly 10:00 AM, headed by Dr. Fahd Farouk Hakim, who announced the completion of the required quorum for the validity of the assembly as shareholders representing (50,000) shares, i.e. (100%) of the company’s total capital of 5,000 shares. Accordingly, the assembly meeting is valid in accordance with the text of Article (62) of the Companies Law. Miss Ruba Grady was appointed Secretary of the Association, then the President of the Association asked the Secretary of the Association to receive the agenda items; After that, the floor for discussion was opened, and the Chairman of the Assembly asked the shareholders to vote on the agenda items. The result of the vote was as follows:
1-Approval of the unaudited financial results for the third quarter ending 09/30/2023.
• Total assets in the third quarter amounted to 336,536.62 riyals, compared to an amount of 664,055.72 riyals in the previous quarter, a decrease of -49%.
• Property rights in the third quarter amounted to 336,536.62 riyals, compared to an amount of 496,712.65 riyals in the previous quarter, a decrease of -28%.
• Total revenues for the third quarter amounted to 121,739.13 riyals, compared to an amount of 57.3 riyals in the previous quarter. The company achieved an increase in revenues for the third quarter. The reason for the increase in revenues is due to collecting amounts due from contracts that were concluded in the previous quarter.
• Total expenses for the third quarter amounted to 254,915.16 riyals, compared to an amount of 211,052.61 riyals for the previous quarter, an increase of 21%.
• Net profits and losses for the third quarter amounted to - 133,176.03 riyals compared to the previous quarter, amounting to 210,995.31 riyals, a decrease of -37%.
• Loss per share amounted to -2.66 riyals, compared to -4.22 riyals for the previous quarter.
• The company's loss amounted to 33.3% of the capital.
2-Approval of what is stated in Article 10 of the bylaws for the sale of two assets (cars) at a value exceeding 50% of the company’s assets in two separate deals.
3- approval the sale of one of the assets mentioned in the second item to the Chairman of the Board of Directors at the value it was purchased after deducting depreciation, and the other asset was sold at cost price after deducting depreciation.
4-Approval of Morse Company’s entry as a 26% founding shareholder in Internationa Auction Holding Company, a closed joint stock company with a cash capital of 500,000 riyals (long-term investment).
5-Approval of the Chairman of the Board of Directors of Morse Holding Company, Dr. Fahd Farouk Hakim to work as Vice Chairman of the Board of Directors of theInternationa Auction Holding Company, (disclosure).
6-Approval of the shareholder, Chairman of the Board of Directors, Dr. Fahd Farouk Hakim is a related party to enter as a founding shareholder in the Internationa Auction Holding Company, , knowing that the purposes of the International Auction Company are the same as the purposes of Morse Holding Company (disclosure).
7-Approval of amending Contract No. 221000 concluded on 12/30/2022 AD regarding the transfer of ownership of shares of related parties from Morse Company’s portfolio at Al Fransi Capital. Due to the decline in the market value of the shares by more than 50%, the period of ownership transfer was extended to 12/31/2024. m max.
8-Discharge of the members of the Board of Directors from their liabilities for the financial period ending on 09/30/2023.
The meeting ended at 10:30 am, with the Association President thanking all attendees for participating and attending this meeting.