Fitaihi Holding Group announces the results of the General Assembly Meeting (First Meeting)
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Fitaihi Holding Group is pleased to announce the results of the Ordinary General Assembly Meeting (First Meeting) held on 15/07/2020, at 6:30 p.m., and after the quorum has been completed (according to the company’s Articles of Association). |
| City and Location of the General Assembly’s Meeting | The GM was held remotely from The Company’s Headquarters in Jeddah via means of modern technology, as per the circular of CMA that stipulates conducting GA Meetings through means of modern technology that enable shareholders to participate in the meetings’ deliberations and vote online on the items of the GA agenda, to support the preventive and precautionary measures and efforts conducted by relevant authorities, to contain the novel Coronavirus (COVID-19). |
| Date of the General Assembly’s Meeting | 2020-07-15 Corresponding to 1441-11-24 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 52.695% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | The meeting was attended by the following directors of the board: 1)- Dr. Ibrahim Al-Madhoun – Deputy Chairman – Head of Meeting 2)- Dr. Adnan Soufi 3)- Dr. Suhail Qadi 4)- Eng. Abdulmalik A. Fathaddin 5)- Mr. Omar Riyadh Al-HumaidanThe meeting was attended by the CEO Mr. Yasser Yehia, in addition to the outside audit committee member Mr. Uthamn Riyadh Al-Humaidan. Shk. Ahmed H. Fitaihi – Chairman, did not attend the meeting. |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | The meeting was attended by the following heads of the board committees: 1)- Dr. Ibrahim Al-Madhoun – Head of Risk Management Committee, and Deputy Chairman of Risk Management Committee 2)- Dr. Adnan Soufi – Head of Audit Committee, and Head of Executive Committee 3)- Dr. Suhail Qadi – Head of Nomination and Remuneration Committee |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | The shareholders approved, by a majority of the votes, on the meeting agenda, and the results of the voting on the GA’s were as follows: Approval on the transactions and contracts that will take place between the Company and the member of the Board of Directors, Dr. Mohammed Ahmed Hassan Fitaihi. Transactions and contracts will be the sale of Fitaihi Holding Group’s 80% stake in the share capital of its subsidiary (Luxury Goods Trading Company Limited) to the member of the Board of Directors, Dr. Mohammed Ahmed Hassan Fitaihi, for a sum of 14.36 million SAR, to be paid as follows: 1- Down payment of 8.62 million SAR, equivalent to 60% of the value of the sale transaction, after the approval of the GA and the signing of the sale contract. 2- Paying the remainder of the transaction amount, 5.74 million SAR, equivalent to 40% of the value of the sale transaction, through obtaining gold and jewelry merchandise (selected by Fitaihi Holding Group) from the subsidiary (Luxury Goods Trading Company Limited) at its fair value as of the receiving date of the selected merchandise. |
