Building of Abdullah Al Othaim Markets Co.
Abdullah Al Othaim Markets Co. said that shareholders during the ordinary general meeting held on April 28, 2021, did not approve the transactions and contracts that will be concluded between the company and Al-Othaim Holding Co., where Abdullah Saleh Al-Othaim, the board chairman, has a direct interest, and each of the vice chairman and board member, Abdulaziz Abdullah Saleh Al-Othaim have an indirect interest.
The transaction – Item 9 on the meeting agenda - is a contract for joint services worth SAR 172,400 for a period of one year. There are no preferential terms in this transaction.
Shareholders did not also approve the transactions and contracts that will be concluded between the company and Abdullah Al-Othaim Co. for Investment and its subsidiaries.
The transaction – Item 14 on the meeting agenda - is a contract a for joint services worth SAR 1.47 million for a period of one year. There are no preferential terms in this transaction
The company added that the highest percentage of approval for the two items above was not with the absolute majority of the shares represented in the meeting, as it was as follows:
Item(9): The approval rate is 47.79%, the percentage of those who disagree is 6.87%, and the percentage of abstainers is 45.35%.
Item(14): The percentage of those who agree is 49.18%, the percentage of non-approval is 5.47%, and the percentage of abstainers is 45.35%.
Transactions will be presented to the next annual general assembly for approval, and work will not be carried out to this transactions for the this year.
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