Published: Jun 25, 2014
Source: Tadawul

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Saudia Dairy and Foodstuff .Co announces the results of shareholder Ordinary general assembly meeting

Saudia Dairy and Foodstuff .Co has announced that the company held its Ordinary general assembly meeting in the Jeddah Intercontinental Hotel Alsultan Hall in Jeddah on 24-06-2014 corresponding to 26-08-1435 at 19:30 with a quorum of 58.30% whereby the agenda was fully approved.

All resolutions of the meeting are as follows:

1/ Approval of the Board of Directors Annual Report for the financial year ended 31/03/2014 with 100%

2/ Approval of the Auditors Report for the financial year ended 31/03/2014 100%

3/ Approval of balance sheet and profit and loss account for the period from 01/04/2013 to 31/03/2014 100%

4/ Approval of the Board of Directors recommendation to distribute dividends amounting to SAR 113,750,000 at 3.50 three riyals and fifty Halalas per share, which is equivalent to 35% of the capital, to shareholders on the TADAWUL shareholders register by the end of trading on the day of the AGM. 100% The dividend distribution date will be announced at a later date

5/ Approval of the appointment of Ernst And Young as external auditors to Audit the company accounts for the financial year starting on 01/04/2014 to 31/03/2015 and the quarterly results 100%

6/ Clearing the liability of the members of the Board of Directors for the period starting 01/04/2013 to 31/03/2014 100%

7/ Approval to pay a total of SR 1.4m as remuneration to Board Members (SR 200,000 per member 100%

8/ Election of the following as Board Members for the 6th cycle for the period from 01/04/2015 to 31/03/2018 using the cumulative voting method :

H.H Hamad Sabah Al-Ahmed

Mr. Faisal Hamad Mubark Al- Ayyar

Mr. Abdallah Yacoub Bisharah

Mr. Tareq Mohammed Abdulsalam

Mr Ahmed Mohamed Hamed AL Marzouki

Mr. Mussad Abdullah Al Nassar

Mr.Suliman Saud Aljarallah

9/ Approval of transactions and agreements with related parties

a) United Gulf Bank in Bahrain 100%

b) Al Buruj Cooperative Insurance Company 100%

and renewal of these transactions and agreements for the coming year

10/ Approval of the Board resolution to appoint Mr Ahmed Mohamed Hamed Al Marzouki as an independent Board Member as of 16/06/2014 up to the end of the current Board Cycle on 31/03/2015 in succession to Mr Faick Hussein Al Saleh (Vice Chairman) )100%

Voting was calculated based on those who have a right to vote.

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