Saudi Automotive Services Company (SASCO) announces the results of the 32nd Ordinary General Assembly Meeting (2nd Time), which held at 6:00 pm on Sunday, 18th of January, 2015 at Makarim Hall in Riyadh Marriott Hotel after completion of the quorum where all meeting agenda were agreed as mentioned below: - Approved of SASCO's acquisition of all the partner's shares (Madaen Star Co.) in Zaiti Co. (LTD) which reached (3,562,500 share), equivalent (55,100,000 SR.), and per cent (95%) of shares, as well as The Automotive & equipment Investments Co. (subsidiary) acquires (187,500 share) Share which is equivalent (2,900,000 SR) and per cent 5% of shares and belong to the partner Mr. Majid Mohammed AlOthman in Zaiti Co. (LTD). Noted that the following parties have a direct interest:
a. Mr. Ibrahim Bin Mohammed Alhudaithi, Chairman of SASCO and Chairman of Madaen Star Group. (Has an indirect share).
b. Mr. Sultan Bin Mohammed Alhudaithi board member of SASCO and board member of Madaen Star group.
c. Mr. Ziyad Bin Abdulatif Al-Eysa board member of SASCO and board member of Madaen Star Group. - Approved of authorizing the Board of Directors or its designee of board members or non-board to take the necessary action to complete the acquisition procedures.
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Approved of the Board's decision on what has been distributed cash dividends to shareholders for the first half of 2014 by (0.75) riyals per share with total amount (33,750,000 SR) equal (7.5%) of company capital and eligibility of Dividend shall be to registered shareholders in (TADAWUL) by the end of July 23, 2014.
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Approved of the Board's decision on what has been distributed cash dividends to shareholders for the second half of 2014 by (0.75) riyals per share with total amount (33,750,000 SR) equal (7.5%) of the company capital and eligibility of Dividend shall be to registered shareholders in (TADAWUL) by the end of December 1, 2014.
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