Al Majed Oud Co. Board invites its shareholders to attend the Ordinary General Assembly Meeting the (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Al Majed for Oud Company is pleased to invite its esteemed shareholders to participate and vote in the Extraordinary General Assembly Meeting (First Meeting), which will be held remotely via modern technology, God willing, at 7:30 PM on Monday, January 27, 2025, corresponding to Jumada al-Awwal 27, 1446 AH (according to Umm al-Qura Calendar). |
| City and Location of the General Assembly's Meeting | Through modern technological means (remotely), from the Company’s headquarters in Riyadh. |
| Hyperlink of the Meeting Location | Click Here |
| Date of the General Assembly's Meeting | 2025-05-05 Corresponding to 1446-11-07 |
| Time of the General Assembly’s Meeting | 19:00 |
| Methodology of Convening the General Assembly’s Meeting | Via modern technology means |
| Attendance Eligibility, Registration Eligibility, and Voting End | Shareholders who are registered in the issuers shareholders record at the Depositary Center by the end of the trade session prior to the general assembly meeting and in accordance with the laws and regulations. The shareholder has the right to delegate whomever other than the board of directors. The right to register a name to attend the general assembly meeting ends at the time of convening the general assembly meeting. The attendees right to vote on the items of the assembly’s agenda ends upon the end of screening the votes by the Screening Committee. |
| Quorum for Convening the General Assembly's Meeting | The Extraordinary General Assembly Meeting shall be deemed valid if attended by shareholders representing 50% of the Company’s share capital. In the event that the required quorum is not met at the first meeting, a second meeting shall be convened one hour after the end of the scheduled time of the first meeting. The second meeting shall be deemed valid regardless of the number of shares represented therein, as stipulated in the Company’s Articles of Association. |
| General Assembly Meeting Agenda | 1. Review and discussion of the financial statements for the fiscal year ending on 31 December 2024. (Attached) |
2. Review and discussion of the Board of Directors’ report for the fiscal year ending on 31 December 2024. (Attached)
3. Voting on the auditor’s report for the fiscal year ending on 31 December 2024, following its discussion. (Attached)
4. Voting on the discharge of the Board members from liability for the fiscal year ending on 31 December 2024.
5. Voting on the disbursement of SAR 850,000 as remuneration to the Board members for the fiscal year ending on 31 December 2024.
6. Voting on the appointment of the company’s external auditor from among the nominated candidates, based on the recommendation of the Audit Committee, to review and audit the financial statements for Q2, Q3, and the annual statements of 2025, and Q1 of 2026, and to determine their fees. (Attached)
7. Voting on the Board of Directors’ recommendation to distribute cash dividends to shareholders for the fiscal year 2024, in the total amount of SAR 100 million, at SAR 4.00 per share, representing 40% of the nominal value of the share. Dividend entitlement shall be for shareholders registered in the company’s shareholder register at the end of the entitlement date, the date of the General Assembly meeting. The distribution shall commence within fifteen (15) business days from the entitlement date set by the General Assembly resolution. (Attached)
8. Voting on authorizing the Board of Directors with the powers of the Ordinary General Assembly as stated in paragraph (1) of Article 27 of Companies Law, for a duration of one year from the date of the General Assembly’s approval or until the end of the authorized Board’s term, whichever comes first, in accordance with the applicable executive regulations.
9. Voting on transactions and contracts between the company and Mizaj Atri Company (a five-year packaging services agreement dated 25/10/2020), in which the Chairman Mr. Majed Ali Othman Al Majed has an indirect interest. The transaction value during FY 2024 amounted to SAR 454,931. These are ongoing transactions conducted under normal commercial terms without preferential treatment. (Attached)
10. Voting on transactions and contracts with Sharafat Al Maskan for Real Estate Services (a development and supervision contract dated 05/05/2024 for 160 days, related to company-owned land in Al-Sahafa District, Riyadh), in which the Chairman has an indirect interest. Transaction value: SAR 4,284,900. (Attached)
11. Voting on lease agreement for Al-Owais Branch No. 1001 – Riyadh for five years starting from 01/01/2022, with related parties Mr. Suleiman, Mr. Khalid, Mr. Saad, and Mr. Majed Al Majed. The Chairman has direct and indirect interest; Board Members Mr. Thamer and Mr. Waleed have indirect interests. Transaction value: SAR 230,000. (Attached)
12. Voting on lease agreement for Al-Owais Branch No. 1002 – Riyadh under the same terms and related parties. Transaction value: SAR 92,000. (Attached)
13. Voting on lease agreement for Al-Rabea Branch – King Abdulaziz Road, Riyadh, for three years starting 01/01/2024, with the same related parties. Transaction value: SAR 353,976. (Attached)
14. Voting on lease agreement for Al-Sharq Branch – Makarona Street, for one year starting 01/01/2024, with related parties Mr. Mohammed and Mr. Badr Al Majed. The Chairman has an indirect interest. Transaction value: SAR 172,500. (Attached)
15. Voting on lease agreement for a residential property on Rabee' Al-Dhahli Street – Al Narjis District, Riyadh, for one year starting 28/03/2023, with related parties Mr. Mohammed and Mr. Badr Al Majed. The Chairman has an indirect interest. Transaction value: SAR 14,850. The contract has been terminated. (Attached)
16. Voting on transactions with shareholders Majed, Saad, Khalid, Suleiman, Badr, and Mohammed Al Majed, related to IPO and listing expenses initially paid by the company on behalf of selling shareholders, and later reimbursed by them following the IPO completion, as reflected in the financial statements. The Chairman and two other Board Members have direct/indirect interests. Transaction value: SAR 3,878,648. (Attached)
Al Majed for Oud – Investor Relations
WhatsApp: +966550167152
Email: IR@almajed4oud.com
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