The General Assembly of Mawtan Real Estate Company approved the Board of Directors’ recommendation to distribute cash dividends totaling 55 million riyals, representing 5% of the capital, The General Assembly also approved the Board’s report on the company’s activities during the past period, which resulted in net profits of 15.5 million riyals, The financial statements and the auditor’s report for the year ended December 31, 2017, were also approved, and the Board members were granted a discharge.
The company’s General Assembly elected its Board of Directors for the fourth term, with nine members elected from among the fourteen shareholders who had put themselves forward as candidates for the Board of Directors during the 10th General Assembly, which was held at the company’s administrative headquarters on the Northern Ring Road in Riyadh last Monday.
The following were re-elected: Hamad bin Muhammad Al-Musa, Eng. Sabah bin Muhammad Al-Mutlaq, Mr. Abdulhamid bin Abdullah Al-Zamil, Dr. Badr bin Ibrahim Al-Saidan, Mr. Sulaiman Salim Al-Harbi, Eng. Abdulhadi bin Mohammed Al-Rashidi, and Eng. Abdulmohsen bin Abdulatif Al-Issa. Additionally, Eng. Mushgal bin Ammar Al-Khudairi and Mr. Musfir bin Dhafer Al-Qahtani joined the Board.
For his part, Chairman of the Board Mr. Hamad bin Mohammed bin Saidan declined to stand for re-election for the new term, wishing to devote more of his time to charitable work; He was bid farewell by the members of the Board of Directors and major shareholders and honored for his contributions during his tenure as Chairman of the Board since the company’s founding in 2007.
