Latest news with #ExtraordinaryGeneralAssembly
Mubasher
02-06-2025
- Business
- Mubasher
إعلان شركة نفوذ للمنتجات الغذائية عن نتائج إجتماع الجمعية العامة غير العادية التي تضمنت الموافقة على زيادة رأس مال الشركة (الاجتماع الأول)
Element List Explanation Introduction Nofoth Food Products Company is pleased to announce the results of the Extraordinary General Assembly Meeting (First Meeting), which included the approval of the company's capital increase. The meeting was held at 8:00 PM on Sunday, 05/12/1446H (corresponding to 01/06/2025G), via modern technology means. City and Location of the Extraordinary General Assembly's Meeting In Riyadh City, at the company's headquarters, via modern technology means (through the use of the Tadawulaty system only) Date of the Extraordinary General Assembly's Meeting 2025-06-01 Corresponding to 1446-12-05 Time of the General Assembly's Meeting 20:00 Percentage of Attending Shareholders 64.45% Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The following members of the Board of Directors attended the meeting via modern technology means: 1. Rakan Hethal Ali Al-Faizy, Chairman of the Board 2. Ibrahim Abdullah Ibrahim Al-Omaiqan, Vice Chairman of the Board 3. Faisal Abdullah Ibrahim Al-Omaiqan, Board Member 4. Abdulmalik bin Abdullah Al-Othaim, Board Member The following member was absent from the meeting: 1. Fahad Hamad Abdulaziz Al-Dhailij, Board Member Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf 1. Abdulrahman Ibrahim Al-Hadlaq, Chairman of the Audit Committee 2. Faisal Abdullah Ibrahim Al-Omaiqan, Chairman of the Executive Committee Voting Results on the Items of the General Assembly's Meeting Agenda's 1. The company's financial statements for the fiscal year ending on December 31, 2024, were reviewed and discussed. 2. The Board of Directors' report for the fiscal year ending on December 31, 2024, was reviewed and discussed. 3. Approval of the auditor's report for the fiscal year ending on December 31, 2024, after discussion. 4. Approval of appointing Alzoman, Alfahad & Alhajjaj professional services Chartered Accountants as the company's external auditor from among the nominated firms based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for Q2, Q3, and the annual financials of 2025, and Q1 of 2026, with a total fee of SAR 390,000. 5. Approval of allowing Board Member Mr. Faisal bin Abdullah Al-Omaiqan to engage in activities competing with the company's business. 6. Approval of authorizing the Board of Directors with the powers of the Ordinary General Assembly as stated in paragraph (1) of Article 27 of the Companies Law for a period of one year from the date of this General Assembly's approval or until the end of the term of the authorized Board, whichever comes first, in accordance with the relevant executive regulations for listed joint-stock companies. 7. Approval of discharging the members of the Board of Directors from liability for the fiscal year ending December 31, 2024. 8. Approval of the Board of Directors' recommendation to distribute cash dividends amounting to SAR 11,908,359 (eleven million, nine hundred eight thousand, three hundred fifty-nine Saudi riyals) to shareholders for the fiscal period ending December 31, 2024, at SAR 0.25 per share, representing 25% of the nominal value of the share. Eligibility shall be for shareholders holding shares at the end of the trading day on the date of the General Assembly and registered in the company's shareholders register at the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date. Dividend distribution will commence on 15-06-2025. 9. Approval of disbursing board member remuneration in the amount of SAR 990,000 for the fiscal year ending December 31, 2024. 10. Approval of disbursing Audit Committee member remuneration in the amount of SAR 164,481 for the fiscal year ending December 31, 2024. 11. Approval of business and contracts to be concluded between the company and Abdullah Ibrahim Al-Omaiqan Real Estate Co., in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. These involve a lease contract for administrative offices and showrooms located in Al-Nuzha district, Riyadh. The contract duration is two calendar years, with an annual rental value of SAR 1,263,708 (exclusive of VAT). The total value of transactions in 2024 was SAR 1,263,708. These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 12. Approval of business and contracts to be concluded between the company and Mosakhan Waraq Enab Food Services Establishment, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. The contract is for the sale of food products with a one-year term. The total value of transactions in 2024 amounted to SAR 597,099 (exclusive of VAT). These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 13. Approval of business and contracts executed between the company and Al-Omaiqan Holidays and Travel, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. This involves an agreement to provide ticket booking services. The total value of transactions in 2024 amounted to SAR 367,291 (exclusive of VAT). These transactions were conducted in the ordinary course of business and under prevailing commercial terms without preferential conditions. 14. Approval of the amendment to the Audit Committee Charter. 15. Approval of the amendment to the Nomination and Remuneration Committee Charter. 16. Approval of the amendment to the Policy, Standards, and Procedures of Membership in the Board of Directors and its Committees. 17. Approval of the Competitive Activities Standards. 18. Approval of the Policy on Remuneration for Board Members, Committees, and Executive Management. 19. Approval of the Board of Directors' recommendation to increase the company's capital through the issuance of bonus shares as follows: • The capital increase will be through the capitalization of SAR 48 million from retained earnings, by granting one share for every one share held. • Total increase amount: SAR 48,000,000 • Capital before increase: SAR 48,000,000 • Capital after increase: SAR 96,000,000 • Increase percentage: 100% • Number of shares before the increase: 48,000,000 shares • Number of shares after the increase: 96,000,000 shares The capital increase aims to strengthen the company's financial position, support its expansion plans, and enhance shareholder returns by growing its business and seizing opportunities in the food sector. • Number of bonus shares: 1 share for every 1 share held • The increase will be through the capitalization of SAR 48,000,000 from retained earnings. Eligibility date: Shareholders who own shares by the end of the trading day on the date of the Extraordinary General Assembly and are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date. Fractional shares: In the event of fractional shares, they will be grouped in one portfolio and sold at market price. The proceeds will be distributed to eligible shareholders based on their respective entitlements within 30 days from the date of determining the entitled shares for each shareholder. • Approval of the amendment to Article (7) of the company's Articles of Association related to capital.
Al Etihad
10-05-2025
- Business
- Al Etihad
UAE participates in Extraordinary General Assembly of Arab Civil Aviation Organization in Rabat
10 May 2025 15:03 RABAT (WAM) The United Arab Emirates took part in the Extraordinary General Assembly of the Arab Civil Aviation Organisation, held on Thursday at the ACAO's headquarters in Rabat, Morocco, with the participation of all Arab member states. The meeting aimed to reinforce Arab unity and coordination, and to consolidate a stronger collective presence on the international aviation discussions focused on enhancing the representation of Arab countries in the upcoming session of the International Civil Aviation Organisation (ICAO) Council, as well as on joint efforts to amplify the Arab voice in shaping key decisions that will impact the future of global civil Mohammed Al Suwaidi, Director General of the UAE General Civil Aviation Authority, stressed that strengthening Arab cooperation in the aviation sector remains a core priority for the UAE. He reiterated the country's commitment to promoting an active Arab role within international organisations, which plays a central role in setting global aviation policies. Al Suwaidi added: 'These gatherings offer a valuable platform to align strategies, unify efforts, and reinforce coordination among Arab states. They contribute significantly to consolidating Arab positions and influencing international civil aviation decisions in a manner that serves the shared interests of all member states.
Observer
22-04-2025
- Sport
- Observer
Sayyid Azzan elected as new chairman of OOC
MUSCAT, APRIL 22 The general assembly members of Oman Olympic Committee (OOC) elected HH Sayyid Azzan bin Qais al Said as the new Chairman of OOC for the upcoming term (2024-2028). Dr Abdullah bin Khamis Ambusaidi, Under-Secretary of the Ministry of Education for Education and Chairman of Oman School Sports Association (OSSA), was elected as Vice-Chairman. The General Assembly regular meeting of OOC took place on Tuesday in presence of 17 representatives of sporting associations and committees and sports figures. The newly elected chairman of OOC replaced Shaikh Khalid al Zubair, who ended his journey after two terms. Taha Sulaiman al Kishry and Abdullah Mohammed Bamkhalaf were elected as members of OOC board members due to their international sporting positions. Representative of OSSA, Yousef Awad Bait Saleem, was elected as board member in non-Olympic sports association seat while Khalifa bin Hamed al Jabri will represent athletes after being elected by the Oman Athletes Committee and Sayyidah Sana bint Hamed al Busaidiyah was selected as Chairperson of Oman Women's Sports and Gender Equality Committee. The General Assembly members elected the former chairman of Oman Volleyball Association Bader bin Ali al Rawas and Oman Club vice-chairman Jihad bin Abdullah al Shaikh to fill the two seats allocated to the category of sports personalities while Fahad al Raisi was not elected as he received less votes among the three candidates. Six more board members were elected out of nine nominated members. Dr Marwan bin Juma al Jumaa, Chairman of Oman Hockey Association (15 votes), Eng Khalfan bin Saleh al Naabi, Chairman of Oman Basketball Association (13 votes), Moosa bin Khamis al Balushi, Chairman of Oman Handball Association (13), Qais bin Saud al Zakwani, representative of Oman Aquatics Association (12 votes), Eng Ibrahim bin Abdullah al Maqbali, Chairman of Oman Volleyball Association (12 votes) and Said bin Mohammed al Hajri, Chairman of Oman Athletics Association (11 votes). The other three representatives including representative of Oman Football Association, Qutaiba bin al Ghilani, Faiz Mohammad Riaz, Vice-Chairman of Oman Golf Association and Saif al Rushedi, Chairman of Oman Cycling Association, were not elected due to their less votes. The meeting's agenda featured accepting the minutes from the Extraordinary General Assembly which took place on February 16, 2025, besides reviewing the previous year's annual report and highlighting key administrative and technical achievements. Then, the members had an overview of the proposed activity plan for 2025 and there were discussions of the final accounts for the past year, the auditor's report, and the estimated budget for the current year. COOPERATION AND SUPPORT In his remarks after being elected as the OOC chairman, HH Sayyid Azzan bin Qais al Said said that it is a great honour to receive the esteemed trust to serve as chairman of OOC for the 2024–2028 term. 'I would like to express my sincere gratitude and deep appreciation for this confidence. I look forward to your cooperation and support in elevating the Committee's performance to meet your aspirations — and those of the athletes of our beloved homeland, the Sultanate of Oman,' he said. 'What has been achieved over the past years in terms of organisational and technical progress, as well as the establishment of firm foundations, serves as an inspiration for us all to continue building and advancing the Committee's work towards greater integration and effectiveness — ultimately serving Omani sports and enhancing its presence regionally and internationally,' he said. 'Names may change and faces may differ but the goal remains the same, and the destination unchanged. Our ambitions are renewed, carried by new energy, continuing the journey of those before us, holding the same torch and striving for greater horizons and deeper service to Omani sports,' he added. 'I would also like to extend my heartfelt thanks and appreciation to Shaikh Khalid bin Mohammed al Zubair and the previous board members for their sincere efforts and the institutional, organisational, and technical legacy they have left behind — a legacy that will continue to motivate us to move forward on the same path and develop what they began with a spirit of appreciation and teamwork,' he said. 'We will work in close coordination with the Ministry of Culture, Sports and Youth under the leadership of HH Sayyid Theyazin bin Haitham al Said, Minister of Culture, Sports and Youth, guided by his ongoing support for this sector and his generous directives, which we consider a compass for our success. As we begin this new chapter together, we draw inspiration from the vision of His Majesty Sultan Haitham bin Tarik — may Allah protect him — in making sports a cornerstone of Oman's renewed renaissance, and a fundamental pillar of empowerment, progress, and sustainable development,' he concluded. FIRST BOARD MEETING Following the election, the board directors of OOC held their first meeting on Tuesday headed by HH Sayyid Azzan bin Qais al Said in presence of all members. During the meeting, Abdullah bin Mohammed Bamakhalef was appointed as Secretary-General of the Committee while Qais bin Saud al Zakwani was appointed as Treasurer. The formation of the Executive committee of OOC was also approved and it is chaired by HH Sayyid Azzan bin Qais al Said, and accompanied by the following members: Abdullah bin Mohammed Bamakhalef, Qais bin Saud al Zakwani and Dr Marwan bin Juma al Juma.
Zawya
10-04-2025
- Business
- Zawya
Warba Bank announces capital increase subscription for shareholders
KUWAIT CITY - Following regulatory approvals and the Extraordinary General Assembly's decision to increase the Bank's capital by 100%, at a value amounting to KD 218,360,000 with an issuance premium of KD 218,360,000, Warba Bank has officially launched the electronic subscription phasein its capital increase. This phase is open to shareholders whose names are registered in the Bank's shareholder register with the Kuwait Clearing Company (Maqasa) as of April 9, 2025, to exercise their preemptive rights. The Bank is offering 2,183,600,000 (two billion, one hundred and eighty-three million, six hundred thousand) new shares at 200 fils per share, comprising 100 fils nominal value and 100 fils issuance premium, resulting in a total capital increase of KD 436,720,000. Chief Executive Officer of Warba Bank, Shaheen Hamad Al-Ghanem, commented:'The anticipated capital increase represents a pivotal milestone in Warba Bank's growth journey and a strategic step that supports our ambitious expansion plans and strengthens our position as a leading Islamic banking institution. Over the past years, Warba has achieved qualitative progress across various sectors, supported by a clear vision focused on innovation, digital transformation, and sustainability. Today, we open the door for our shareholders to be part of the next phase of this journey.' He added:'This increase will enable us to strengthen our capital base and diversify our investments to meet our customers' aspirations and generate sustainable value for shareholders. We recognize that our shareholders have always been partners in our continued success. With this step, we reaffirm our determination to implement our growth strategy, expand our banking services, and invest in the latest financial solutions that address future market demands. This opportunity invites every shareholder to take part in building a brighter tomorrow as we move forward together toward our shared vision.' Al-Ghanem emphasized that the Bank is committed to streamlining the subscription process by offering it electronically, saving shareholders time and effort in line with Warba Bank's digital development strategy aimed at providing flexible, accessible banking solutions. Shareholders must complete the subscription process directly via the dedicated website or through the IPO Kuwait application. Once registered, the system will determine their eligibility. Subscribers will then select the number of shares they wish to purchase and proceed with payment through the electronic payment system. Al-Ghanem encouraged all shareholders and interested parties to review the subscription prospectus, which outlines the terms, conditionsand procedures of the offering. The prospectus is available on the Boursa Kuwait website as well as Warba Bank's official website at He concluded by stating: 'This capital increase is not merely a financial move. It is a reaffirmation of Warba Bank's commitment to expansion and sustainable growth. We stand at the threshold of a new chapter of progress, ready to reinforce our leadership in the banking sector through strategic investments that foster innovation, improve customer experience, and deliver lasting value for shareholders. Together, we continue building a stronger, more stable future—guided by our ambitious vision and inspired by our promise: 'We hear you, to own tomorrow.'' Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Arab Times
09-04-2025
- Business
- Arab Times
Warba Bank Announces Launch of its Capital Increase Subscription Electronically for Shareholders
KUWAIT CITY, Apr 09: Following regulatory approvals and the Extraordinary General Assembly's decision to increase the Bank's capital by 100%, at a value amounting to KD 218,360,000 with an issuance premium of KD 218,360,000, Warba Bank has officially launched the electronic subscription phasein its capital increase. This phase is open to shareholders whose names are registered in the Bank's shareholder register with the Kuwait Clearing Company (Maqasa) as of April 9, 2025, to exercise their preemptive rights. The Bank is offering 2,183,600,000 (two billion, one hundred and eighty-three million, six hundred thousand) new shares at 200 fils per share, comprising 100 fils nominal value and 100 fils issuance premium, resulting in a total capital increase of KD 436,720,000. Chief Executive Officer of Warba Bank, Shaheen Hamad Al-Ghanem, commented:'The anticipated capital increase represents a pivotal milestone in Warba Bank's growth journey and a strategic step that supports our ambitious expansion plans and strengthens our position as a leading Islamic banking institution. Over the past years, Warba has achieved qualitative progress across various sectors, supported by a clear vision focused on innovation, digital transformation, and sustainability. Today, we open the door for our shareholders to be part of the next phase of this journey.' He added:'This increase will enable us to strengthen our capital base and diversify our investments to meet our customers' aspirations and generate sustainable value for shareholders. We recognize that our shareholders have always been partners in our continued success. With this step, we reaffirm our determination to implement our growth strategy, expand our banking services, and invest in the latest financial solutions that address future market demands. This opportunity invites every shareholder to take part in building a brighter tomorrow as we move forward together toward our shared vision.' Al-Ghanem emphasized that the Bank is committed to streamlining the subscription process by offering it electronically, saving shareholders time and effort in line with Warba Bank's digital development strategy aimed at providing flexible, accessible banking solutions. Shareholders must complete the subscription process directly via the dedicated website or through the IPO Kuwait application. Once registered, the system will determine their eligibility. Subscribers will then select the number of shares they wish to purchase and proceed with payment through the electronic payment system. Al-Ghanem encouraged all shareholders and interested parties to review the subscription prospectus, which outlines the terms, conditionsand procedures of the offering. The prospectus is available on the Boursa Kuwait website as well as Warba Bank's official website at He concluded by stating: 'This capital increase is not merely a financial move. It is a reaffirmation of Warba Bank's commitment to expansion and sustainable growth. We stand at the threshold of a new chapter of progress, ready to reinforce our leadership in the banking sector through strategic investments that foster innovation, improve customer experience, and deliver lasting value for shareholders. Together, we continue building a stronger, more stable future—guided by our ambitious vision and inspired by our promise: 'We hear you, to own tomorrow.''
