Etihad Etisalat Co has announced that the company held its Ordinary general assembly meeting in the Paris Hall, Four Seasons Hotel, Kingdom Tower in Riyadh on 16-02-2014 corresponding to 16-04-1435 at 16:00. All resolutions of the meeting are as follows:
1- Approved the Company financial statements and the auditor's report for the fiscal year ending 31/12/2013.
2- Approved the Board of Directors report for the fiscal year ending 31/12/2013.
3- Discharged the members of the Board of Directors from their liabilities for the fiscal year ending 31/12/2013.
4- Approved the appointment of Price Waterhouse Coopers (PWC) from among the candidates selected by the Audit Committee to audit the Company annual and quarterly financial statements for the fiscal year 2014, and determined their fees.
5- Approved the recommendation of the Board of Directors of the payment of cash dividends of (962.50) million riyals for the fourth quarter of 2013, namely (1.25) riyals per share (12.5% of the nominal value of a share), in addition to interim dividends of (2,733.50) million riyals distributed to shareholders for the 1, 2 and 3 quarters of 2013 i.e. (3.55) riyals per share. The dividends will be paid to the shareholders, whose names are recorded in the Company Shareholder Register (at Tadawul) at the end of trading on the General Assembly date. The dividend of the fourth quarter brings the total dividends for the financial year 2013 to (3,696) million riyals, i.e. (4.80) riyals per share, representing 55.36% of the net profits achieved in 2013.
6- Authorized the Company to enter into an annual (one-year period) contract with United Electronics Company (Extra) a Saudi joint stock company as a distributor for Mobily, as Abdulaziz Alsaghyir Commercial Investment Co. holds an interest in Extra share capital, which means that Mobily Chairman of the Board, Engineer/ Abdulaziz Alsaghyir has an indirect interest in this contract, amounting to 763,407.35 riyals for the fiscal year 2013.
7- Approved a bonus payment to the Board members for a total amount of (2,100) thousand riyals as per the following, (250) thousand riyals to the Executive Board member, (250) thousand riyals to the Chairman, and (200) thousand riyals to each Non-Executive Board member.
The dividend will be paid as of Wednesday 26 February, 2014 through direct transfer to the bank accounts linked to the investment portfolios of the shareholders. Queries should be directed to Al Rajhi Bank by calling 056 9494575 or 054 5499009, or by visiting any of the Bank branches.
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