Approval to transfer the reserve balance to retained earnings

Najran Cement Company announced the results of the extraordinary general assembly meeting (third meeting), which was held yesterday, Sunday.
The company said in a statement on the Saudi Tadawul: The results of the vote on the assembly’s agenda included:
1) Approval of amending the company’s bylaws to comply with the new companies’ bylaws, and rearranging and numbering the articles of the bylaws; To comply with the proposed amendments.
2) Approval to amend Article (3) of the company’s bylaws, which relates to the company’s purposes.
3) Approval of amending Article (21) of the company’s bylaws pertaining to the company’s management.
4) Approval to delete Article (24) from the company’s bylaws related to conflicts of interest.
5) Approval of adding an article to the company’s bylaws No. (24) related to issuing council decisions on urgent matters.
6) Approval of amending Article (25) of the company’s bylaws, which relates to the powers of the council.
7) Approval of amending Article (26) of the company’s bylaws regarding the remuneration of members of the Board of Directors.
8) Approval of amending Article (27) of the company’s bylaws, which concerns the powers of the president, deputy, managing director, and secretary.
9) Approval of amending the remuneration policy for members of the Board of Directors, its committees, and the executive management.
10) Approval to transfer the statutory reserve balance of 163,619,828 riyals as in the annual financial statements ending on 12/31/2023 to the retained earnings balance of 138,154,544 riyals as in the annual financial statements ending on 12/31/2023.
11) Approval to release the members of the Board of Directors from their liabilities for the fiscal year 2023.
12) Approval to disburse an amount of (2,900,000) riyals as a reward to members of the Board of Directors for the financial year ending on 12/31/2023 AD.
13) Approval for Najran Cement Company to purchase a number of its shares, up to a maximum of (17,000,000) shares, with the aim of keeping them as treasury shares.
The Board of Directors believes that the share price in the market is less than its fair value, and the purchase of shares will be financed from the company’s own resources using its cash balances or credit facilities, and the Board of Directors is authorized to complete the purchase process within a maximum period of 12 months from the date of the extraordinary general assembly’s decision.
The company will retain the purchased shares for a maximum period of ten years, and after the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.