Press releases, Reports & Disclosures for Emirates Driving Company

The Emirates Driving Company P.J.S.C. has released its Management Discussion and Analysis Report for the period ending on June 30, 2024. More details can be found on their official website, www.edcad.ae.

Emirates Driving Company P.J.S.C. has released its unaudited interim condensed consolidated financial statements for the period ending 30 June 2024.

Emirates Driving Company PJSC (ADX: DRIVE), a subsidiary of Multiply Group, has acquired a 51% stake in Excellence Premier Investment LLC, the parent company of Excellence Driving Centre. This acquisition is part of Emirates Driving Company's efforts to expand and enhance its services. Both entities will collaborate to develop advanced training curricula and customized programs to meet diverse user needs. The acquisition aligns with EDC's strategic priorities, including sustainable growth and achieving national and international accreditation for driver education. Khaled Al Shemeili, CEO of Emirates Driving Company, stated that this partnership will help advance their vision of providing top-tier driver education services, increasing shareholder value, and enhancing road safety in the region. Founded in 2020, Excellence Driving Centre is known for its customer-centric approach and modern facilities in Dubai. Emirates Driving Company is recognized for its efficiency, innovation, and commitment to high safety standards in driver education.

On 22 July 2024, the Abu Dhabi Securities Exchange was informed that Emirates Driving Company PJSC has acquired a 51% stake in Excellence Premier Investment LLC, the parent company of Excellence Driving Centre, for AED 153 million. This acquisition is part of Emirates Driving Company's strategy to expand and enhance its services. Excellence Driving Centre, founded in 2020, provides comprehensive vehicle driving education in Dubai through over 20 strategic locations and is known for its customer-centric approach and modern facilities.

**Summary:** On June 6, 2024, the Board of Directors of Emirates Driving Company PJSC met from 2:00 p.m. to 3:40 p.m. Four board members were present, achieving an 80% quorum. Key decisions included proceeding with the acquisition of a stake in a domestic company, with details to be disclosed after completing official procedures and negotiations. The board also discussed the company's workflow and project progress. The meeting's resolutions were signed and dated by CEO Mr. Khaled Al Shemeili.

On June 6, 2024, the Board of Directors of Emirates Driving Company PJSC held a meeting from 2:00 p.m. to 3:40 p.m. with four board members present, achieving an 80% quorum. The board agreed to proceed with the acquisition of a stake in a domestic company, with details to be disclosed after completing official procedures and negotiations. Additionally, the board discussed the company's workflow and project progress. The meeting was authorized and signed by CEO Khaled Al Shemeili on June 7, 2024.

Emirates Driving Company (EDC) has received a top AAA ESG rating from MSCI, scoring 9.7 out of 10, the highest in the consumer services industry as of March 2024. This rating reflects EDC's commitment to sustainability, social responsibility, and governance. EDC began its sustainability efforts in 2020 and has since integrated sustainability into its corporate strategy and developed a comprehensive Sustainability Strategy and ESG Governance Framework. In 2023, EDC launched an ESG Transformation Program aimed at achieving Net-Zero emissions by 2050 and addressing broader social impacts. CEO Khaled Al Shemeili highlighted the company's dedication to sustainability and responsible business practices.

On March 27th, 2024, the Emirates Driving Company PJSC held its Annual General Meeting, both physically and virtually, from 01:00 pm to 01:20 pm. The meeting was chaired by H.E. Khalifa Abdulla Al Romaithi. The quorum was 63.30% of the total attendance, all of which were through electronic voting. The assembly approved the Board of Directors' Report, the Auditor's Report, the Company's balance sheet and profit and loss account for the fiscal year ended on 31/12/2023. The proposal for distributing cash dividends by 34% of paid capital, totalling AED 183,164,256, was approved. The assembly also approved the remuneration of the Board of Directors and discharged the members of the board and the auditors for the fiscal year ended on 31/12/2023.