Results of the Ordinary General Assembly Meeting (Fourth Meeting) of Morse Holding Company (A Closed Saudi Joint Stock Company)
Held on Saturday, 16/12/2023G, in the City of Jeddah
Based on the invitation issued by the Chairman of the Board of Directors to the company's shareholders to attend the Ordinary General Assembly (Third Meeting) to discuss the Ordinary General Assembly items, the Ordinary General Assembly meeting was held at the company's headquarters in Jeddah on Saturday, 16/12/2023G at 10:00 AM, chaired by Dr. Fahad Farooq Hakeem.
The Chairman announced the completion of the required quorum for the validity of the assembly meeting, as shareholders representing 50,000 shares—representing 100% of the company's total capital of 50,000 shares—were present. Accordingly, the convening of the Assembly is valid pursuant to Article (62) of the Companies Law. Ms. Ruba Jaradi was appointed as Secretary of the Assembly. The Chairman then requested the Assembly Secretary to read the agenda items, after which the floor was opened for discussion, and the Chairman requested the shareholders to vote on the agenda items.
The voting results were as follows:
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Approval of the unaudited financial results for the third quarter ended 30/09/2023G:
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Total Assets in Q3 reached SAR 336,536.62 compared to SAR 664,055.72 in the previous quarter, a decrease of -49%.
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Total Equity in Q3 reached SAR 336,536.62 compared to SAR 496,712.65 in the previous quarter, a decrease of -28%.
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Total Revenues in Q3 reached SAR 121,739.13 compared to SAR 57.3 in the previous quarter. The company achieved an increase in Q3 revenues due to collecting outstanding amounts from contracts signed in the previous quarter.
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Total Expenses for Q3 reached SAR 254,915.16 compared to SAR 211,052.61 in the previous quarter, an increase of 21%.
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Net Profit/Loss for Q3 reached SAR -133,176.03 compared to SAR -210,995.31 in the previous quarter, a reduction in loss by -37%.
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Loss Per Share reached SAR -2.66 compared to SAR -4.22 in the previous quarter.
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Company Losses reached 33.3% of the capital.
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Approval of the provision in Article (10) of the Articles of Association regarding the sale of two assets (vehicles) exceeding 50% of the company's assets value in two separate transactions.
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Approval of selling one of the assets mentioned in Item (2) to the Chairman of the Board of Directors at its purchase cost after deducting depreciation. The other asset was also sold at cost price after deducting depreciation.
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Approval of Morse Company's entry as a founding shareholder with a 26% stake in International Auction Holding Company (a closed joint-stock company) with a cash capital of SAR 500,000 (a long-term investment).
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Approval for the Chairman of the Board of Directors of Morse Holding Company, Dr. Fahad Farooq Hakeem, to serve as Vice Chairman of the Board of Directors of International Auction Company (Disclosure).
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Approval for the shareholder and Chairman of the Board of Directors, Dr. Fahad Farooq Hakeem, as a related party, to enter as a founding shareholder in International Auction Company, noting that the objectives of International Auction Company are identical to those of Morse Holding Company (Disclosure).
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Approval to amend Contract No. 221000 dated 30/12/2022G regarding the transfer of ownership of related party shares from Morse Company's portfolio at Saudi Fransi Capital. Due to a decrease of more than 50% in the market value of the shares, the period for transferring ownership was extended until 31/12/2024G at maximum.
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Discharging the members of the Board of Directors from liability for the financial period ended 30/09/2023G.
The meeting was concluded at 10:30 AM, where the Chairman of the Assembly expressed his gratitude to all attendees for their participation and presence.