Morse Information Technology Holding Company announces the results of its first Ordinary General Assembly meeting
Date 2022/11/02

Morse Information Technology Holding Company announces the results of its first Ordinary General Assembly meeting

Date: 02/11/2022G

Results of the Ordinary General Assembly Meeting (First Meeting) of Morse Information Technology Holding Company

Held on Monday, 01/08/2022G, 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 (First Meeting) to discuss the Ordinary General Assembly agenda items, the Ordinary General Assembly meeting was held at the company's headquarters in Jeddah on Monday, 03/01/1444 AH (corresponding to 01/08/2022G) at 1:30 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. Atheer Saleh Al-Qurashi was appointed as Secretary of the Assembly and Vote Collector. 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:

  1. Reviewing the company's results for the second quarter ended 30/06/2022G (attached on the website under Investor Relations / General Assemblies / Financial Reports).
  2. Acquiring the Haraj Net application for an amount of SAR 100,000, provided that 100% of its ownership shall belong to Morse Information Technology Holding Company, and the company shall register its trademark and rebuild the application.
  3. Investing Morse Information Technology Holding Company's funds in Salons Information Technology Company (a limited liability company) by purchasing 36,500 shares equivalent to SAR 365,000.
  4. Approving the contract and commercial transaction between Morse Information Technology Holding Company and Asdaa Financial Consulting, owned by a related party (Partner / Dr. Fahad Farooq Hakeem), to serve as the strategic partner and financial advisor to the company until 31/10/2027G, and permitting financial transactions between both parties regarding economic feasibility studies, development, investment, financing of company projects, and attracting new qualified shareholders and investors to the company.
  5. Mandating the strategic partner, Asdaa Financial Consulting, to conduct feasibility studies for investing in the Shehna Freight Brokerage Platform project, the Wa'ed Auction Platform, Morse Café, and all other projects in which the company may wish to invest.
  6. Obtaining financing amounting to SAR 3,000,000 from a related party (Dr. Fahad Farooq Hakeem) to operate the company's investment portfolio, provided that the financing is repaid within a maximum period of 12 months from its date at an interest rate of 0%.