The General Assembly of “CARE” approves the continuation of the company after losses reach half of the capital

Care International Company announced the results of the Extraordinary General Assembly Meeting (first meeting) held last Thursday, after the quorum was completed for the validity of the Assembly.

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

First item: Reviewing the Board of Directors’ report for the fiscal year ending on 12/31/2024 AD and discussing it.

Second item: Viewing the financial statements for the fiscal year ending on 12/31/2024 AD and discussing them.

Third item: Approving the company’s auditor’s report for the fiscal year ending on 12/31/2024 AD after discussion.

Item Four: Approval of the appointment of an auditor for the company, Al-Luhaid and Al-Yahya Certified Public Accountants from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the company’s initial financial statements for the first half ending on 06-30-2025 AD and the annual financial statements ending on 12-31-2025 AD. And determine his fees.

Item Five: Approval to release members of the Board of Directors from liability for the fiscal year ending on 12/31/2024 AD.

Item Six: Approval to pay a remuneration to members of the Board of Directors in the amount of (353,500) riyals for the fiscal year ending on 12/31/2024 AD.

Item Seven: Approval to delegate the authority of the Ordinary General Assembly to the Board of Directors. With the license contained in Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of approval by the General Assembly or until the end of the term of the authorized 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.

Clause Eight: Approval of the works and contracts that were completed for the fiscal year ending on 12/31/2022 AD between the company and the Modern Generation Company, in which Board of Directors member Mamdouh bin Farouk Al-Ghazawi has a non-executive interest (indirect interest). In it), it is a business implementation contract between the company and the Modern Generation Company. These transactions were carried out on commercial grounds and without conditions or preferential benefits, and are recorded in the financial statements in the amount of 500 thousand riyals.

Item Nine: Approval of the works and contracts that were completed for the fiscal year ending on 12/31/2023 AD between the company and the Modern Generation Company, in which the member of the Board of Directors, Mamdouh bin Farouk Al-Ghazawi, is a non-executive member (indirect interest in it), and it is a business implementation contract between the company and the Modern Generation Company. Modern, these transactions were carried out on commercial grounds and without conditions or preferential benefits, and are recorded in the financial statements in the amount of (256,161) riyals.

Item Ten: Approval of the works and contracts that were completed for the financial year ending on 12/31/2023 AD between the company and the member of the Board of Directors, Muhammad bin Ali Al-Dhalaan, a non-executive member, who has (an indirect interest in it), which is a good loan contract in favor of the company without preferential conditions or benefits and is recorded in the financial statements in the amount (9,144,813) riyals.

Item Eleven: Approval of the works and contracts concluded for the fiscal year ending on 12/31/2024 AD between the company and the member of the Board of Directors, Muhammad bin Ali Al-Dalaan, a non-executive member who has (an indirect interest in it), which is a good loan in favor of the company without conditions or preferential benefits and recorded in the financial statements in the amount of (15,744,000) riyals.

Item Two Tenth: Approval of the works and contracts that were completed for the fiscal year ending on 12/31/2024 AD between the company and the member of the Board of Directors, Ali bin Muhammad Al-Dalaan, a non-executive member who has (an indirect interest in it), which is a good loan in favor of the company without conditions or preferential benefits and recorded in the financial statements in the amount of (200,000) riyals.

Item Thirteen: Approval of transferring the balance of the statutory reserve amounting to (13,573,347.00) riyals. As in the financial statements for the year ending 12/31/2024 AD to the accumulated losses item.

Item Fourteen: Approval of transferring the issue premium amounting to (41,770,250.00) riyals as in the financial statements for the year ending 12/31/2024 AD to the accumulated losses item.

Item Fifteen: Approval of the Board of Directors’ recommendation regarding the company’s continuation of its business after reaching Its losses are more than half of the capital, according to Article 132 of the Companies Law.

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