Results of the Ordinary General Assembly Meeting (Third Meeting) of Morse Holding Company (A Closed Saudi Joint Stock Company)
Held on Saturday, 23/09/2023G, 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, 23/09/2023G at 6:00 PM, 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. Aseel Al-Jdaibi 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 second quarter ended 30/06/2023G:
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Total Assets in Q2 reached SAR 599,341.72 compared to SAR 639,954.33 in the previous quarter, a decrease of -6.3%.
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Total Equity in Q2 reached SAR 425,712.65 compared to SAR 575,825.26 in the previous quarter, a decrease of -26%.
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Total Revenues in Q2 reached SAR 57.30 compared to SAR 249,822.40 in the previous quarter, a decrease of -99.9%. (The decline in revenues is attributed to the financial impact of contracts signed during Q2 not yet being recognized as they were not due; their financial impact will reflect in Q3 and Q4 of the current year).
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Total Expenses for Q2 reached SAR 150,169.91 compared to SAR 205,853.53 in the previous quarter, a decrease of 27% (attributed to lower operating expenses for the company).
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Net Profit/Loss for Q2 reached SAR -150,112.61 compared to a profit of SAR 43,968.87 in the previous quarter, a decrease of -241%.
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Loss Per Share reached SAR -3.00 (a loss rate of 30%) compared to earnings per share of SAR 0.88 in the previous quarter.
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Company Losses reached 30% of the capital.
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Approval to cancel Contract No. 22015 dated 30/12/2022G, noting that it has not been executed since its signing to date and shall be considered null and void as if it never existed.
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Approval of contracting with Morse Business Services Establishment, owned by related party partner Fahad Farooq Hakeem, effective from 01/04/2023G, to provide business services to Morse Holding Company for a fixed monthly fee of SAR 35,000, subject to increase or decrease by no more than 20%.
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Discharging the members of the Board of Directors from liability for the financial period ended 30/06/2023G.
The meeting was concluded at 6:30 PM, where the Chairman of the Assembly expressed his gratitude to all attendees for their participation and presence.