The General Assembly of “Kwara” approves the transfer of the reserve balance to retained earnings
Kwara Finance Company announced the results of the extraordinary general assembly meeting (first meeting) held yesterday, Tuesday.
The company said in a statement on its website "Saudi Arabia trading"The results of voting on the items on the agenda of the Extraordinary General Assembly included:
1- Reviewing the Board of Directors’ report for the financial year ending on December 31, 2025 AD and discussing it.
2- Approving the company’s auditor’s report for the financial year ending December 31, 2025 AD after discussing it.
3- Viewing the financial statements for the financial year ending December 31, 2025 AD. And discuss it.
4- Approval to release the members of the Board of Directors from their liability for the fiscal year ending on December 31, 2025 AD.
5- Approval to amend the work regulations of the Audit Committee.
6- Approval to amend the work regulations of the Nominations and Remuneration Committee.
7- Approval to disburse the remuneration of members of the Board of Directors in the amount of (150,000) riyals for the fiscal year ending on December 31. 2025.
8- Approval of disbursing the remuneration of the members of the committees emanating from the Board of Directors in the amount of (185,000) riyals for the financial year ending on December 31, 2025.
9- Approval of the appointment of KPMG Al-Fozan & Partners (KPMG) as an auditor for the company from among the candidates, and determining his fees, subject to the approval and approval of the Assembly, in the amount of (1,080,000) Riyals, in order to examine, review and audit the financial statements for the quarter (second/third/fourth/annual) of the fiscal year ending on December 31, 2026 AD, and the first quarter of the fiscal year ending on December 31, 2027 AD.
10- Approval to begin the procedures for transferring the statutory reserve to retained earnings, based on the Companies Regulations issued by Royal Decree No. (M/132) dated 01/12/1443 AH corresponding to (06/30/2022 AD) and its executive regulations for the listed companies’ system and the company’s amended bylaws approved by the extraordinary general assembly on October 16, 2024 AD, which no longer stipulates the necessity of forming a statutory reserve, as well as the company’s audited financial statements for the fiscal year ending in 2025 AD, which show a statutory reserve balance of 12,542,513 riyals.
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