27 APR 2021
|Introduction||National Shipping Company of Saudi ArabiaCompany is pleased to announce to its shareholders the results of the Ordinary General Assembly meeting forty-six (First meeting) through modern technology means after completing the quorum for the meeting|
|City and Location of the General Assembly's Meeting||The company's headquarters in Riyadh- via modern technology|
|Date of the General Assembly's Meeting||2021-04-26 Corresponding to 1442-09-14|
|Time of the General Assembly's Meeting||21:45|
|Percentage of Attending Shareholders||47.244%|
|Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees||The following Board members attended the meeting:
1 – Mr.Mohammed Abdulaziz Alsarhan
2- Dr. Abdulmalik Abdullah Alhogail
3 – Mr.Yasser Abdullah Alkadi
4 - Mr. Raid Abdullah Ismail
5 - Mr. Abdulrahman Muhammad Al-Suhaibani
apologized for attending the meeting :
1 - Eng. Ibrahim Qassim Albuainain
2- Mr. Khalifa Abdulatif Almulhem
3- Mr. Ahmed Ali Alsubaey
4- Mr. Yasir Abdullah Alsalman
|Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf||The following Committees’ Chairmen attended the meeting:
1 – Mr.Mohammed Abdulaziz Alsarhan
2- Dr. Abdulmalik Abdullah Alhogail (Chairman of Audit Committee)
3 - Mr. Khalifa Abdulatif Almulhem (Chairman of Remuneration and Nomination)
|Voting Results on the Items of the General Assembly's Meeting Agenda's||1- Approve the report of the Board of Directors for the fiscal year ended 31/12/2020.
2- Approve the auditor report for the fiscal year ended 31/12/2020.
3- Approve the consolidated financial statements for the fiscal year ended 31/12/2020.
4- Approve the discharge of the Board of Directors members for the fiscal year ended 31/12/2020.
5- Approve the appointment of (KPMG) AL Fozan & partners) as External Auditor for the Company from among the candidates nominated based on the recommendation of Audit Committee to review and audit financial statements of the first quarter, second quarter, third quarter, fourth quarter ,the annual of the fiscal year 2021,and first quarter 2022 and determine the fees.
6- Approve the recommendation of the Board of Directors to distribute cash dividends to shareholders for the second half of 2020 amounting to (SR 393,750,000) at (SR 1) per share representing (10%) of the book value per share. The dividends entitlement date is the general assembly date and is to be distributed to shareholders who own shares at the closing time on the general assembly meeting date and are registered in the Depository Center at the end of the second trading day following the date of the general assembly. The date of dividends distribution will be determined and announced later.
7- Approve the Board of Directors' mandate to distribute quarterly or semi-annual dividends for the fiscal year 2021.
8- Approve the recommendation of the board of directors with regards to the new dividends policy for year 2020, 2021 and 2022 as the following :
Bahri targets to pay SAR 1.00 per share semiannually for the next 3 years starting from 2020. The dividend policy will remain subject to change based on any material changes in the strategy , high volatility on shipping’s international prices or any, funding that the company may be bound to follow .
9- Approve the suspension of allocating 10% of the net income to the statutory reserve since it has exceeded 30% of capital.
10- Approve the transactions and contracts between the company and the Saudi Electricity Company where the board member Abdulmalik Alhogail has indirect interest since he was a board member in the Saudi Electricity Company, it consist of Customs clearance contract and transportation of heavy weight materials in the ordinary course of business and no preferential advantages were given, the total amount of the year 2020 was SAR 5 million .
11- Approve the transactions and contracts between the company and Saudi Electricity Company where the board member Abdulmalik Alhogail has indirect interest since he was a board member in the Saudi Electricity Company. It consists of customs clearance contract and transportation of lightweight in the ordinary course of business and no preferential advantages were given. The total amount of dealing during the year 2020 was SAR 175 million .