24-05-2021
Mazaya Real Estate Development Company announced the results of the Extraordinary General Assembly meeting that was held on Sunday, May 23, 2021 at 4:30 pm at the company's headquarters through (Zoom) platform. The following agenda was discussed:
Item 1: Amending the relevant articles from the current articles of association of the company in accordance with Article 3 of Law 22 of 2017 so that the real estate brokerage business is removed from the company's activity.
Clause 2: Amending Article 86 of the Articles of Association: “A percentage (3%) at least must be distributed to the shareholders from the net profits after deducting the legal and voluntary reserves ......."
Adding a paragraph to Article 59 of the Articles of Association: “…… and the shareholder has the right to object to any decision that he deems to be issued in the interest of a certain class of shareholders, harms them, or brings special benefit to the members of the board or others without regard to the interest of the company. He also has the right to nullify what he objected to in accordance with the provisions of the law in this regard, and the objection shall be recorded in the minutes of the meeting”.
Clause 3: Authorizing the Chairman of the Board of Directors to issue, sign and publish the amendment to the Articles of Association after the approval of the Ministry of Economy and Trade and the Extraordinary General Assembly.