Dur Hospitality Co. announces that the company held its Ordinary General Assembly Meeting in the Head Office located on Abdullah Ibn Hudhafah AlSahmi inside the Diplomatic Quarter (DQ) in Riyadh on Tuesday 29-03-2016 corresponding to 20-06-1437 at 18:00. All resolutions of the meeting are as follows:
1. Approval on the Board of Directors Report for the fiscal year ending 31-12-2015.
2. Approval on the Auditors Report for the fiscal year ending 31-12-2015.
3. Approval on the Consolidated Financial Statements for the fiscal year ending 31-12-2015.
4. Approval on dividend distribution to shareholders for the 2nd half amounting to SAR (0.70) per share totaling SAR (70) million and representing (7%) of the capital, in addition to what have been distributed in accordance to the Board of Directors recommendation for the 1st half amounting to SAR (0.50) per share totaling SAR (50) million and representing (5%) of the capital. Therefore, the total recommended dividend distribution for the fiscal year ending 31-12-2015 amounting to SAR (1.20) per share totaling SAR (120) million and representing (12%) of the capital. Dividend entitlement of 2nd half would be for shareholders registered at the date of the Ordinary General Assembly Meeting (The date of the cash dividend payment will be confirmed later).
5. Approval on the following transactions related to Management and Operating contracts (that were made with related parties during the fiscal year 2015, and have been included within the Company revenues of the same fiscal year) and Approval on renewing their authorizations for an additional year:
5-1) Approval on transactions related to Management and Operating contracts that were made in 2015 with Makarem Residence Compound (AlAndalus), Makarem Umm AlQura Hotel, Makarem AlBayt Hotel, Makarem Residence Compound (AlRawdah), AlJazeerah Badr Compound and Dur AlYasmeen Residential Compound (whome owned by Assila Investment Co., that is managed by Chairman Eng. Abdullah M. AL-Issa and board member Mr. Bader A. AL-Issa), amounted to SAR (3,198,279) and Approval on renewing their authorizations for an additional year effective from the date of this OGM.
5-2) Approval on the lease agreement signed with Assila Investment Co., with the value of SAR (400,000) annually and Approval of renewing its authorization for an additional year effective from the date of this OGM.
5-3) Approval on transactions related to Management and Operating contracts occurred in 2015 with Makarem Mina Hotel (whome owned by Sheikh. Mohammed I. AlGhamdi), amounted to SAR (355,928) and Approval on renewing its authorization for an additional year effective from the date of this OGM.
6. Approval on the appointment of (KPMG) as the External Auditors to audit the Company quarterly and the annual financial statements of the fiscal year 2016 and determining their fees.
7. Approval on renewing the authorization to the following members of the Board of Directors: Eng. Abdullah M. AL-Issa, Public Investment Fund, General Organization for Social Insurance, Public Pension Agency, Dr. Saleh A. AL-Hzlol, Mr. Nasser M. AL-Sebaiei, Mr. Bader A. AL-Issa, Mr. Fahad A. AL-Qasim and Mr. Musab S. AL-Muhaidib to deal in activity branches similar to the Company activities (Hotels and Real Estate), for an additional year.
8. Approval on the Board of Directors remuneration amounting in total to SAR (1,800,000), and for which SAR (200,000) will be distributed to each member for the financial year ended 31-12-2015.
