Invitation to the Board of Directors and Shareholders of Morse Holding Company to attend the Ordinary General Assembly Meeting (Fourth Meeting) - 16-12-2023
Date 2023/06/12

Invitation to the Board of Directors and Shareholders of Morse Holding Company to attend the Ordinary General Assembly Meeting (Fourth Meeting) - 16-12-2023

The Board of Directors of Morse Holding Company (a closed Saudi joint-stock company) is pleased to invite the members of the Board of Directors and the company's shareholders to attend the Ordinary General Assembly Meeting (Fourth Meeting) of Morse Holding Company. The meeting is scheduled to be held on Saturday, 16/12/2023G at 10:00 AM at the company's headquarters in Jeddah to discuss the following agenda items:

  1. Voting on the unaudited financial results for the third quarter ended 30/09/2023G.
  2. Voting on the provisions of 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.
  3. Voting on the sale of one of the assets mentioned in Item (2) to the Chairman of the Board of Directors at its purchase cost after deducting depreciation, and the sale of the other asset at cost price after deducting depreciation.
  4. Voting to approve 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).
  5. Voting to permit 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).
  6. Voting to permit 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).
  7. Voting on amending 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.
  8. Discharging the members of the Board of Directors from liability for the financial period ended 30/09/2023G.
Shareholders who have the right to vote are kindly requested to attend in person or appoint a proxy on their behalf—other than members of the Board of Directors—in accordance with the approved proxy form designated for this purpose, which includes the right to attend and vote.