Published: Jun 19, 2014
Source: Tadawul


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Saudia Dairy and Foodstuff Company (SADAFCO) invites its Shareholders to attend the Ordinary General Shareholders Meeting (reminder announcement)

The Board of Directors of Saudia Dairy and Foodstuff Company would like to remind its shareholders owning 20 shares or more to attend the Ordinary General assembly Meeting to be held in the Al Sultan Hall Intercontinental Hotel Jeddah on 24-06-2014 corresponding to 26-08-1435 at 19:30 to consider the following agenda:

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

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

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

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. The dividend distribution date will be announced at a later date

5/ Approval of the appointment of the external auditor to Audit the company accounts for the financial year starting on 01/04/2014 to 31/03/2015 and the quarterly results and set their fees

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

7/ Approval to pay SR 1.4m as remuneration for BOD members (SR 200,000 per member)

8/ Election BOD members for the 6th cycle for the period from 01/04/2015 to 31/03/2018

9/ Approval of transactions and agreements with related parties United Gulf Bank in Bahrain, Al Buruj Cooperative Insurance Company and renewal of these transactions and agreements for the coming year

The details of these transactions and contracts are as follows:

a) Murabaha deposit with United Gulf Bank (UGB) Bahrain amounting to SR 75 million placed on 26/01/2014 with annual return of 3% which is the best offer submitted to the company, which was paid back on 25/03/2014. Two of Sadafco Board members, Faisal Hamad Mubarak Ayyar and Mr. Faick Hussein Al Saleh (Vice Chairman) are also Board members with UGB

b) General insurance services with Al Buruj Cooperative Insurance Company (an affiliate company) in K.S.A amounting to SR 6,101 million based at the best commercial terms for one year period starting 1st July 2013 to 30th June 2014. Gulf Insurance company (GIC) owns 22.5% of Al Buruj Cooperative Insurance company and Sadafco Board member Mr. Faisal Hamad Al Ayyar is also Vice Chairman of (GIC)

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)

Shareholders wishing to attend are kindly requested to present ownership evidence and ID. Mandatory registration for attendance will be open 2 hours before the meeting. Shareholders unable to attend may issue an attested proxy to another shareholder to attend on their behalf given that they are not SADAFCO staff or board members or on an assignment for the company. The proxy should be delivered to the company 3 days prior to the meeting and should be in accordance to the ministerial decree No 294 dated 12/09/1422. Shareholders representing a minimum of 50% of the capital must be present for the meeting to be valid. For any query please call: 0126293366 (ext: 280) fax: 0126293380 or write to us at the following address: Saudia Dairy and Foodstuff Company P.O. Box 5043 Jeddah 21422 (there will be a designated area for ladies).

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