Edarat Communications and Information Technology Company (Edarat) is pleased to announce the results of the ordinary general assembly meeting which includes the approval of the capital increase (first meeting).
| Element List | Explanation |
|---|---|
| Introduction | Edarat Communications and Information Technology Company (Edarat) is pleased to announce the results of the ordinary general assembly meeting which includes the approval of the capital increase (first meeting). |
| City and Location of the Extraordinary General Assembly's Meeting | Via modern technology means. |
| Date of the Extraordinary General Assembly's Meeting | 2025-05-28 Corresponding to 1446-12-01 |
| Time of the General Assembly’s Meeting | 18:45 |
| Percentage of Attending Shareholders | 63.06% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following board members have attended the meeting: 1/Dr.Abdullah Alghamdi (Chairman). 2/Mr.Erick Albaduy.(Board member+CEO). 3/Mr.Mohammed Alsabek (Board member+Chairman of the Audit Committee). 4/Mr.Fahad Almoammar (Board member). |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | The chairman of audit committee: Mr.Mohammed Alsabek. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1-Approval of the Board of Directors’ recommendation to increase the company’s share capital from SAR 25,200,000 to SAR 50,400,000 through the issuance of bonus shares to the company’s shareholders as follows: •An amount of SAR 25,200,000 will be capitalized from retained earnings by granting one bonus share for each share owned. •Share capital before the increase: SAR 25,200,000; share capital after the increase: SAR 50,400,000. •Percentage of increase: 100%. •Number of shares before the increase: 2,520,000 shares; number of shares after the increase: 5,040,000 shares. •Purpose of the increase: The company aims to strengthen and support its capital base and future business activities, which will contribute to achieving favorable growth rates in the coming years, God willing, in line with the company's adopted strategy. •Eligibility date: The eligibility for bonus shares will be for shareholders who own shares on the date of the Extraordinary General Assembly and are registered in the company’s shareholder register at the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date. In the event of any fractional shares resulting from the capital increase, these will be combined into a single portfolio on behalf of all shareholders entitled to such fractions and sold at market price. The proceeds from the sale will be distributed among the eligible shareholders according to their respective entitlements within a period not exceeding 30 days from the date of determining each shareholder’s entitlement. Approval of the amendment of Article (7) of the Company’s Articles of Association, related to the share capital. Approval of the amendment of Article (8) of the Company’s Articles of Association, related to the subscription of shares. 2-Review and discussion of the financial statements for the fiscal year ending on 31/12/2024. 3-Review and discussion of the Board of Directors' report for the fiscal year ending on 31/12/2024. 4-Review and discussion of the Audit Committee’s report for the fiscal year ending on 31/12/2024. 5-Approval of the external auditor’s report for the fiscal year ending on 31/12/2024 after discussion. 6-Approval to disburse an amount of SAR 750,000 as remuneration to the Board of Directors for the fiscal year ending on 31/12/2024. 7-Approval of transactions and contracts conducted between the company and Al Moammar Information Systems (MIS), in which Board Member Dr. Abdullah bin Ghazi Al-Ghamdi has an indirect interest. The transactions involved services provided, with a total value of SAR 41,147,479 for the previous year. 8-Approval of transactions and contracts conducted between the company and Al Moammar Information Systems (MIS), in which Board Member Dr. Abdullah bin Ghazi Al-Ghamdi has an indirect interest. The transactions involved purchased services, with a total value of SAR 5,839,073 for the previous year. 9-Approval of transactions and contracts conducted between the company and Edarat Lebanon, in which Board Member Dr. Abdullah bin Ghazi Al-Ghamdi has an indirect interest, and Engineer Adel Fouad Rizk and Mr. Erick Ernest Baduy have direct interests. The transactions involved purchased services, with a total value of SAR 378,000 for the previous year. 10-Approval to authorize the Board of Directors with the powers of the Ordinary General Assembly to grant licenses stipulated in Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of the General Assembly's approval or until the end of the authorized Board term, whichever comes first, in accordance with the provisions of the Implementing Regulations of the Companies Law applicable to listed joint-stock companies. 11-Approval to discharge the Board Members from liability for the fiscal year ending on 31/12/2024. 12-Approval of the appointment of Ibrahim Ahmed Al Bassam & Co. as the company’s external auditor from among the nominated firms, based on the recommendation of the Audit Committee, to review and audit the financial statements for the second, third, and fourth quarters and the annual statements of the fiscal year 2025, as well as the first quarter of the fiscal year 2026, with audit fees of SAR 380,000. |
| Additional Information | For any inquiries, please contact Investor Relations Representative Mr. Mohammed Alnoaimi at: Telephone Number: +966 581822902 E-mail: IR@edaratgroup.com |
| Attached Documents |  |
