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FAD

19 May, 2025 08:03

Fad International Co. Announces the Results of the Ordinary General Assembly Meeting (First Meeting)

Element ListExplanation
Introduction FAD International Company announces to its shareholders the results of the Ordinary General Assembly meeting (the first meeting), which was held at 19:30 on Sunday, dated 20/11/1446 AH, corresponding to 18/05/2025 AD, at the company's main headquarters located in Jeddah - Al-Andalus neighborhood - Abu Said Al-Naqash Street, using modern technology (remotely) – using tadawulaty services; after the legal quorum for the validity of the assembly was completed.
City and Location of the General Assembly's Meeting The company headquarters located in Jeddah - Al-Andalus District - 6633 Abu Said Al-Naqash Street, postal code 23322, additional number 3934, through modern technology means (remotely) - using tadawulaty services.
Date of the General Assembly's Meeting 2025-05-18 Corresponding to 1446-11-20
Time of the General Assembly’s Meeting 19:30
Percentage of Attending Shareholders 83.67%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees 1. Mr. Mohammed Abdulrahman Mohammed Moumena - Chairman of the Board 2. Mr. Ayman Tarek Saleh Jamal - Vice Chairman of the Board. 3. Mr. Eyad Abdullah Suliman Mashat - Managing Director and CEO 4. Mr. Thamer Abdulqader Abdullah Jan - Board Member 5. Ms. Tala Eyad Abdullah Mashat - Board Member
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf 1. Mr. Thamer Abdulqader Abdullah Jan - Chairman of the Audit Committee
Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Approval of the company's auditor's report for the financial year ending December 31, 2024, after discussion. 2. The Board of Directors' report for the financial year ending December 31, 2024, has been reviewed and discussed. 3. The company's financial statements for the fiscal year ending December 31, 2024, have been reviewed and discussed. 4. Approval of the release of the Board of Directors members from liability for the financial year ended December 31, 2024. 5. Approval of the appointment of Ernst & Young for professional services as the company's auditor from among the candidates based on the recommendation of the audit committee; to examine, review, and audit the preliminary financial statements of the company for the first half ending on 30-06-2025 and the annual financial statements ending on 31-12-2025 for a fee amounting to (571,200) five hundred seventy-one thousand two hundred Saudi Riyals. 6. Approval of the Board of Directors' recommendation to distribute cash dividends amounting to (6,000,000) six million riyals to shareholders for the financial year ending on (31-12-2024) at a rate of (5) five riyals per share. And with a percentage of (50%) of the capital, the entitlement will be for shareholders who own shares by the end of the trading day of the general assembly meeting and are registered in the company's shareholder register at the Securities Depository Center Company (Edaa) by the end of the second trading day following the entitlement date. The distribution of profits will begin by transferring them to the accounts linked to the eligible shareholders' portfolios starting from Wednesday, 28/05/2025, through the payment agent - the Securities Depository Center Company (Edaa). Any shareholder facing difficulties in the deposit to their account can contact the payment agent - the Securities Depository Center Company (Edaa) or communicate with the company via email: info@fadint.com or by calling: +966122616111. 7. Approval of the participation of the Executive Member and CEO, Mr. Eyad Abdullah Suliman Mashat, in competing business to the company. 8. Approval of the works and contracts that took place between the company and Abdullah Suliman Mashat Foundation, in which the Executive Board Member Mr. Eyad Abdullah Suliman Mashat has an indirect interest related to (clothing sales). It is noted that the contract started in 2017 and the value of transactions during the year 2024 is an amount of (865,985) riyals (debt transactions), and the value of the amount paid during the year 2024 is an amount of (1,939,272) riyals. These transactions occur in the context of normal business and according to prevailing commercial terms, without any preferential conditions. 9. Approval of the works and contracts conducted between the company and Femi9 Bahrain, in which the member of the Board of Directors, Mr. Eyad Abdullah Suliman Mashat, has an indirect interest, namely (clothing sales). It is noted that the contract started in 2023 and the transaction value during 2024 is an amount of (3,539,705) riyals (debit transactions), and the amount paid during 2024 is (4,151,482) riyals. These transactions occur in the context of regular business and according to prevailing commercial terms, without any preferential conditions. 10. Approval of the transactions and contracts that took place between the company and Fad China Company, in which the member of the Board of Directors, Mr. Eyad Abdullah Suliman Mashat, has an indirect interest, which consists of (clothing sales). It is noted that the contract started in 2023, and the value of the transactions during 2024 is an amount of (2,931,375) riyals (debtor transactions) and the value of the amount settled during 2024 is an amount of (3,027,005) riyals. These transactions occur in the context of normal business and according to prevailing commercial terms and without any preferential conditions. 11. Approval of the election of board members from among the candidates for the upcoming period which starts on 26/05/2025 and lasts for four years until 25/05/2029, which includes the following: Ms./ Tala Eyad Abdullah Mashat Mr./ Ayman Tarek Saleh Jamal Mr./ Nafez Riad Mohammad Al Morhabi Mr./ Eyad Abdullah Suliman Mashat Mr./ Mohammed Abdulrahman Mohammed Moumena 12. Approval to disburse an amount of (788,817) seven hundred eighty-eight thousand eight hundred seventeen riyals as a bonus for the members of the Board of Directors for the financial year ending on 31/12/2024.
Additional Information The company would like to raise the attention of non-resident foreign investors to the fact that cash distributions transferred through the resident financial intermediary are subject to a withholding tax of 5% at the time of transfer or when credited to their account, in accordance with the terms of Article (68) of the tax law and Article (63) of its executive regulations. The company urges its esteemed shareholders to update their information and ensure that their bank account numbers are linked to the investment portfolios to ensure that they receive their profits without delay. If there are any inquiries, please contact us via email at info@fadint.com or call us at +966122616111.

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