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Tabuk Agricultural Development Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting
6040
TADCO
0.23
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1445/05/19 03/12/2023 15:54:06
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Tabuk Agricultural Development Company are pleased to invite the shareholders to participate and vote in the Ordinary General Assembly Meeting (the first meeting) which will be held at 6:30 PM on Wednesday 14/06/1445H Corresponding to 27/12/2023 through means of modern technology. |
| City and Location of the General Assembly's Meeting | By means of modern technology At the Project of Tabuk Agri. Dev. Co. |
| URL for the Meeting Location | www.tadawulaty.com.sa |
| Date of the General Assembly's Meeting | 2023-12-27 Corresponding to 1445-06-14 |
| Time of the General Assembly's Meeting | 18:30 |
| Attendance Eligibility | 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. |
| Quorum for Convening the General Assembly's Meeting | The general assembly meeting shall be held in the presence of shareholders representing at least a quarter of the company’s capital. If there is no quorum for this meeting, a second meeting shall be held one hour after the end of the duration of the first meeting, the second meeting shall be valid regardless of the number of shares represented in it. |
| General Assembly Meeting Agenda | 1- Voting on the Board of Directors’ recommendation to sell the entire shares owned by Tabuk Agricultural Development Company in the Masader Agricultural Feed Mill LTD Company, which is estimated at 60% of the company’s total shares, to the partner Ahmed Hussein Al-Omari for an amount of eight million riyals, including the factory affiliated with the Ahmed Hussein Al-Omari Foundation, which it owns. The company also owns 60%, due to the inability to transfer ownership of the Ahmed Hussein Al-Omari Foundation factory to the Masader Agricultural Feed Mill LTD Company. The positive effects and results resulting from the sale for the company, the most important of which is halting the company’s losses from its investment in the Masader Agricultural Feed Mill LTD Company, with an average annual loss of 4 million Saudi riyals, and achieving profits from the exit amounting to 8 million Saudi riyals, which will be charged directly to the income statement and will result in a reduction in retained losses. The company is equivalent to 2% of the capital. And achieving a cash flow/liquidity for the company of 8 million Saudi riyals. As well as removing the continuous observations from the external auditor’s report. |
| Proxy Form |  |
| The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right. (Mentioning the E-Voting details, if any) | The voting on the agenda items of the AGM will be solely electronically through Tadawulaty, which will start from 1:00 AM on Saturday, 10/06/1445H Corresponding to 23/12/2023, and ends at the closure of the General Assembly Meeting. Registration and voting shall be available free of charge in Tadawulaty services for all shareholders by using the following link: https://www.tadawulaty.com.sa |
| Eligibility for Attendance Registration and Voting | Eligibility for Registering the Attendance of the General Assembly's Meeting Ends upon the Convenience of the General Assembly's Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes |
| Method of Communication | For inquiries about the OGA meeting, please feel free to contact the Shareholder Relations Department via Phone number: 0144500000 Ext.103 Email: magdy.abdellatef@tadco-agri.com |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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