Jarir shareholders agree to stop allocating 10% profit to statutory reserve

A branch of Jarir Marketing Co.

Jarir Marketing Co.’s (JMC) shareholders approved stopping the allocation of 10% of net profit to statutory reserve, starting from the financial results for the period ending Dec. 31, 2021, in order for reserve to reach 30.64% of capital on Sept. 30, 2021.

Shareholders also elected board members for the next three-year term that will begin on March 9, 2022, during the ordinary general assembly meeting (OGM) held on March 1, according to a bourse filing.

The new board of directors will include Muhammad bin Abdul Rahman Al-Agil, Abdullah bin Abdul Rahman Al-Agil, Abdul Karim bin Abdul Rahman Al-Agil, Nasser bin Abdul-Aziz Al-Agil, Fahd bin Abdullah Al-Kasim, Abdul Rahman bin Ismail Trabzoni, Muhammad Dahesh Othman Al-Dahesh and Asmaa bint Talal Hamdan.

Meanwhile, they approved the formation of audit committee for the new term. The members are Abdulsalam Al-Agil, Muhammed Al Dahash and Medhat Tawfiq.

An auditor was also be appointed to review the company’s financials for Q2, Q3, Q4 2022, and Q1 2023.