The AGM of Dubai First Real Estate Development Company held on 11-3-2020.
The Ordinary General Assembly of First Dubai Real Estate Development Company held its regular meeting at 11:30 am on Wednesday 11/03/2020 in Al Mazaya Tower (1), Floor (22) - Al Mirqab) Khaled Bin Al-Waleed street.
Abdulaziz Basem Alloughani – BOD Chairman
Dr. Shuaib Abdullah Shuaib - Al-Buzaie & Co. –The company’s Auditor
Mr. Omar Khalil – KCC - Shareholders’ Register
Shareholders owned 896,481,776 shares, representing 89.759% of the total free shares of 998,760,000 shares.
Mr. Abdulaziz Bassem Alloughani - President of the General Assembly and Chairman of the Board of Directors started the meeting welcoming the attendance - After the completion of the quorum for the regular general assembly and the announcement of the availability of the legal quorum - he discussed the items of the agenda of the General Assembly as per the following:
1. Heard and ratified the board of directors’ report for the fiscal year ending December 31, 2019.
2. Heard and ratified the corporate governance report and audit committee report for the fiscal year ending December 31, 2019.
3. Heard and ratified the auditor’s report for the fiscal year ending December 31, 2019.
4. Discussed and ratified the financial statements for the fiscal year ending December 31, 2019.
5. There are no violations or penalties imposed on the company.
6. Heard the board of directors related parties’ transactions for the fiscal year ending December 31, 2019, as well as the related parties transaction to be carried out for the fiscal year ending December 31, 2020 and approved it.
- The General Assembly has approved the board of directors’ proposal not to distribute dividend for the fiscal year ending December 31, 2019.
8. Approved the recommendation of the Board of Directors not to pay board members remuneration for the fiscal year ending December 31, 2019.
9. Approval granted to the Chairman or any of the Members of the Board to have board membership in two competing companies or to participate in any business that competes with the company or to trade for their own accounts or others' accounts at any of the Company’s branches/offices for the year 2020 in accordance with Article no. 197 of the Companies Law no. 1 of 2016; as well as article 16 of the Statute of the company.
10. Approval granted to those who have a representative at the Board of Directors, the chairman, any of the board members or a member of the executive management or their spouses or relatives of the second degree to have a direct or indirect interest in the contracts concluded with the company for the year 2020 in accordance with the provisions of Article 199 of the Companies Law No. 1 of 2016 and in accordance with the provisions of articles (4/7, 5/7, 6/7) of the Sixth Rule of chapter seven of the fifteenth book of the executive bylaws of law No. 7 of 2010 in relation to establishment of the Capital Markets Authority and Organizing Securities Activities.
11. Approved the authorization of the board to purchase or sell Company shares at no more than 10% of the total shares as per the articles of Law no. 7 of 2010, and its executive bylaws and amendments thereafter.
12. Approved not to deduct 10% of the net profits for the statutory legal reserve of the company in accordance with the provisions of article 222 of the companies law No. 1 of 2016 due to accumulated losses.
13. Approved a budget for the social responsibility activities within the financial statements for the fiscal year ending on 31/12/2020 with a total amount of KD 20,000 (Twenty Thousand Kuwaiti Dinars).
14. Approved the relief / discharging of the Board Members for all matters relating to their legal, financial and administrative actions in Fiscal Year ending December 31, 2019.
15. The General Assembly has approved the reappointment of Mr. Shuaib Abdullah Mohammed Shuaib Al-Buzaie & Co. as the company’s Auditor for the financial year ending on 31/12/2020 and authorized the Board of Directors to determine their fees.
At the end of the meeting, Mr. Abdulaziz Alloughani, chairman of board of directors thanked the audience and concluded the AGM agenda items at 11:45 PM.