The Board of Directors of Red Sea Housing Services Company is pleased to invite the shareholders to attend the Extraordinary General Assembly Meeting to be held in Al Dana Ballroom at Jeddah Elaf Hotel (Red Sea Mall) in Jeddah on Sunday 19-10-2014 corresponding to 25-12-1435 at 07:00pm to discuss the following agenda items:
1- Approve the appointment of three Board Members from the list of nominees to fill the newly created seats in the Board and to complete the current cycle for the years 2012-2015. Cumulative voting method will be applied.
2- Approve the amendments in Executive Committee Charters and Nomination and Compensation Committee Charters.
3- Approve the conclusion of the an agreement with Mr. Saleh Mohammed Binladin in the amount of SAR 883,390 annually against the 3-years lease of a property in Rabigh to construct a labor camp for GS Engineering Company, which will expire in 2015, once the EGM approves his appointment as such is considered related party transaction. There are no specific conditions under this agreement.
4- Approve the amendment of the Company Article of Association by incorporating Article (17), which covers the issuance of Sukuk.
5- Approve the amendment of the order and numbering of the articles in the Article of Association in accordance with the incorporation.
6- Approve the issuance of Sukuk in compliance with Sharia principles, whether in part or several parts through the issuance of one or a series of issuance from time to time, with the amounts and terms set by the Company as per the Board of Directors approval without referring to the General Assembly on such matters, providing that such issuance does not exceed the value of the Company capital.
7- Authorize the Board of Directors to take all necessary measures to issue such Sukuk, once the necessary approvals from the relevant authorities have been received. The Board may delegate any or all of its authorization to any person or persons who may then also delegate this authorization.
Shareholders owning twenty (20) shares or more have the right to attend the General Assembly Meeting, whether in person or by proxy, subject to the presentation of validating documents or a written Power of Attorney endorsed by the Chamber of Commerce or any of the local banks authorizing another shareholder, other than Members of the Board or employees of the Company, to attend on their behalf. Documents should be sent to the company three (5) days before EGM date. To constitute a quorum, attending shareholders should represent at least 51% of the total share capital of the company. Shareholders are requested to arrive 30 minutes prior to the commencement of the meeting in order to complete the necessary registration requirements. For further information, please call: 0126633181