The General Assembly of “Naqawa” agrees to transfer the reserve balance to retained earnings

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The General Assembly of “Naqawa” agrees to transfer the reserve balance to retained earnings

Nagawa Information Technology Company announced to its shareholders the results of the extraordinary general assembly meeting (first meeting), which was held yesterday, Monday.

The company said in a statement on its website "Saudi Arabia trading"The results of the vote on the Assembly’s agenda included:

1. Reviewing the Board of Directors’ report for the financial year ending on 06/30/2025 AD, and discussing it.

2. To view and discuss the financial statements for the fiscal year ending on 06/30/2025.

3. Approval of the company’s auditor’s report for the fiscal year ending on 06/30/2025 AD, after discussing it.

4. Approval of the remuneration policy for the Council and the emerging committees of Naqawa Information Technology Company.

5. Approval to release the members of the Board of Directors from their liabilities for the fiscal year ending on 06/30/2025.

6. Approval to disburse an amount of (513,334) riyals as a reward to members of the Board of Directors and its committees, for the fiscal year ending on 06/30/2025 AD.

7. Approving the appointment of the company’s auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the first half ending on 12/31/2025 and the annual financial statements ending on 06/30/2026 AD, and determining his fees.

8. Approval to transfer the statutory reserve balance of 822,920 riyals as in the annual financial statements ending on 06/30/2025 AD to the retained earnings balance.

9. Approval to delegate the authority of the elected Board of Directors to the Ordinary General Assembly with the license contained in Paragraph (1) of Article Twenty-Seven 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 session of the delegated Board of Directors, whichever comes first, in accordance with the conditions contained in the Executive Regulations of the Companies Law for listed joint-stock companies.

10. Approval of amending Article (15) of the company’s bylaws related to (company management).

11. Approval to amend the commercial register by adding an activity.

12. Approval of the Board of Directors’ decision to appoint Hisham Abdulaziz Al-Shadi as a member of the Board of Directors, starting from the date of his appointment on 02/22/2025 AD, to complete the Board’s session until the end of the current session, succeeding former member Ayoub Omran Al-Omrani.