Here is the English translation of the provided ordinary general assembly results:
Results of the Ordinary General Assembly Meeting (Second Meeting) of Morse Information Technology Holding Company (Closed Saudi Joint Stock Company)
Held on Sunday, 17/10/1444 AH (corresponding to 07/05/2023 AD) in 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 (Second Meeting) to discuss the agenda items, the Ordinary General Assembly meeting was held at the company's headquarters in Jeddah on Sunday, 17/10/1444 AH (corresponding to 07/05/2023 AD), at 10:00 AM, chaired by Dr. Fahad Farooq Hakeem.
The Chairman declared the legal quorum necessary for the validity of the meeting complete, as shareholders representing 50,000 shares—equivalent to 100% of the company's total capital of 50,000 shares—were present. Accordingly, the assembly meeting was legally valid under Article (62) of the Companies Law. Ms. Atheer Saleh Al-Qurashi was appointed as Secretary of the Assembly. The Chairman then requested the Secretary to read the agenda items, after which floor discussions were opened, and the Chairman asked the shareholders to vote on the agenda items.
The voting results were as follows:
Assembly Agenda Items:
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Approval of the un-audited financial results for the first quarter ending on 31/03/2023 AD.
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Total assets in Q1 reached SAR 639,954.33, compared to SAR 555,324.31 in the previous quarter, an increase of 15%.
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Total equity reached SAR 531,856.39, compared to SAR 769,320.57 in the previous quarter, a decrease of 30.8% (due to the full liquidation of the company's investment portfolio).
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Total revenue for Q1 reached SAR 249,822.40, compared to SAR 7,737.34 in the previous quarter, an increase of 3,129% (due to activating Morse B2B services).
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Total expenses for Q1 reached SAR 205,853.53, compared to SAR 245,201.53 in the previous quarter, a decrease of 16%.
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Net income for Q1 reached SAR 43,968.87, compared to a net loss of SAR 237,464.18 in the previous quarter.
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Earnings per share (EPS) for Q1 reached SAR 0.88 (a return rate of 8.8%), compared to a loss of SAR -4.75 per share in the previous quarter.
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Completion of the sale of all 867 shares owned by the company in Fish Fash Company at market value on 14/02/2023 AD at SAR 179.4 per share. These were purchased by a related party, Dr. Fahad Farooq Hakeem, and will be transferred to his personal portfolio during the current year, by 31/12/2023 AD at the latest.
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Completion of the acquisition of the Haraj Net application for SAR 100,000 from a related party (Fahad Farooq Hakeem).
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Signing of a purchase contract with a related party (Fahad Farooq Hakeem) for the stake of Morse Information Technology Holding Company in Salons Company at a cost value of SAR 365,000, to be paid during the current year 2023 AD.
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Discharge of liability for members of the Board of Directors for the financial period ending on 31/03/2023 AD.
Assembly Secretary:
Name: Atheer Saleh Al-Qurashi
Assembly Chairman:
Name: Dr. Fahad Farooq Hakeem