The board of directors of the Saudi Electricity Company (SEC) is pleased to invite shareholders to attend the meeting of the sixth extraordinary General Assembly to be held with the will of God at 6.30 PM on Wednesday 22/07/1438 H (corresponding to 19/04/2017 AD) in the meeting hall of the company at Al-Nafil district of Riyadh (northern ring road between exits 5 and 6), in order to consider the following agenda:
1. Voting on the report of the board of directors for the year ended on 31/12/2016 AD.
2. Voting on the report of the company auditor for the fiscal year ended 31/12/2016 AD.
3. Voting on the financial statements of the company as at 31/12/2016 AD.
4. Voting on the distribution of cash dividends to shareholders for the year ended 31/12/2016 AD, by (70 halalas) per share and by (7%) of the capital with a total of 547 million riyals. The shareholders eligible for dividends are those enrolled in the records of the Securities Depository Center on the day of the Assembly meeting. The date of payment the dividends would be announced later.
5. Voting on disclaimer of members of board of directors for the fiscal year ended 31/12/2016 AD.
6. Voting on selecting one of the candidates nominated by the audit committee to be an auditor for the company to examine, review and audit financial statements, quarterly data and balance sheet for the current year 2017 AD and the first quarter of 2018 AD. The assembly would also estimate fees of that auditor.
7. Voting on the disposal of (931,875) riyals as a reward for members of the board of directors for the fiscal year of 2016 AD.
8. Voting on the amendment of the articles of association to be consistent with the articles of association for companies.
9. Voting to add to the articles of association the ninth article related to premium equities.
10. Voting on the article 18 of the articles of association related to the vacant position in membership of the board.
11. Voting on the formation of the audit committee for circulation ending on 31/12/2017 AD and agreeing to its functions, work controls, rewards of its members and agreeing to appoint the following candidates:
1- Saleh bin Saad AlMehanna.
2- Isam bin Alwan AlBayat.
3- Abdulrahman bin Ibrahim Alhumaid.
4- Abdulrahman bin Soliman Alturigee.
5- Yahya Ben Ali AlGabr.
12. Voting on the amendment of bonus policy for board members, affiliated committees and senior executives.
13. Voting on providing health care for members of the board of directors and their families for a period of five years after the end of the board term.
We would like to draw the Attention of the shareholders to the following:
1.Validity of the Assembly meeting requires the attendance of shareholders representing half of the capital at least. If the quorum is not reached, the second meeting of the assembly will be held one hour after the specified period for the first meeting. The second meeting would be valid if attended by a number of shareholders representing quarter of the capital.
2.Every shareholder has the right to attend this meeting of the Assembly and he can delegate another person who is not board member nor employed by the company. That person should be certified by one of the Chambers of Commerce and industry; or one of the local banks, one of the underwriters of Justice or licensed persons, with the need to provide the company with a copy of the delegation accompanied by photo of the ID card and commercial registry two days at least before the date of the meeting. The original delegation should be brought to the company on the day of the General Assembly.
All shareholders are kindly requested to bring personal ID and to be available before time of the meeting to complete the registration.
For any queries, call: 0118077881/0118077202