Zad Holding's AGM/EGM Endorse Agenda, Approve Distribution of 45% Cash Dividend

April 24, 2017

Zad Holding Company held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on Monday April 24th 2017 at 06:30pm in Sharq Village & Spa.   

After hearing the Board of Directors report on the company performance during the year 2016 and the external auditors report on the financials of the company for the financial year ended 31 December 2016, the AGM passed the following resolutions:

Ordinary General Meeting Resolutions: 

1-         The AGM discussed and approved the financial report of the company for the financial year ended 31 December 2016. 

2-         The AGM approved the BOD recommendation for a distribution of 45% cash dividends to the shareholders of the company.

3-         The AGM absolved the members of the Board of Directors from the responsibility for the financial year ended 31 December 2016 and approved their remunerations.    

4-         The AGM discussed and approved the company report of the corporate governance for the year 2016.

5-         The AGM selected KPMG to be the external auditor of the company for the year 2017.

6-         The AGM elected the new Board of Directors for its new term from 2017 – 2019.

Extraordinary General Meeting Resolutions: 

1-         EGM Approved the Board of Directors recommendation to make the required amendments in line with the Commercial Companies Law issued by Law No. 11 of 2015 and amend the articles of association of the company in compliance with the same law.

2-         EGM Approved the Board recommendation to amend article 8 of the articles of association to be (no one, individual or institution, shall subscribe at the founding of the company in more than 400 (four hundred) shares. Also, at any time, no one shall own more than 15% of the share capital of the company other than through inheritance or testament).

3-         EGM authorized the Board of Directors to make the necessary amendments to the Articles of Association.