Press releases, Reports & Disclosures for Emirates Driving Company

The text refers to the unaudited interim condensed consolidated financial statements of Emirates Driving Company P.J.S.C. as of 31 March 2024.

The text is the Q1 2024 Management Discussion and Analysis Report from Emirates Driving Company P.J.S.C. It is likely to contain information about the company's financial performance, business strategies, market analysis, and future outlook. This document is intended for stakeholders and those interested in the company's financial health and business operations.

On March 27th, 2024, the Emirates Driving Company PJSC held its Annual General Meeting, both physically and virtually, from 1:00 pm to 1:20 pm. The meeting, chaired by Khalifa Abdulla Al Romaithi, had a quorum of 63.30% attendance through electronic voting. During the meeting, the Board of Directors' report on the company's activity and financial position for the fiscal year ending on December 31, 2023, was approved. The Auditor's report for the same fiscal year was also approved. The company's balance sheet and profit and loss account for the fiscal year were approved. The Board's proposal to distribute cash dividends by 34% of paid capital for the fiscal year, amounting to AED 183,164,256 or 17 fils per share, was approved. Proposals concerning the remuneration of the Board of Directors and discharging the board members and auditors for the fiscal year 2023 were also approved.

Emirates Driving Company, established in 2000, is a public shareholding company partly owned by the Abu Dhabi Government. The company was founded to reduce traffic accidents and enhance driver training. They have collaborated with the Swedish National Road Safety Commission (SweRoad) to develop an advanced driving education system. The company has received multiple ISO certifications over the years, including ISO 9001-2008, ISO 14001:2015, ISO 39001:2012, and ISO 31000:2018, reflecting their commitment to quality, environmental management, road safety, and risk management respectively. Their vision is to lead in promoting safer roads in the region, and their mission involves investing in new technologies and innovative operating models. The company's executive management is committed to providing high-quality traffic culture and leadership training, increasing traffic safety awareness, and exceeding customer expectations.

Resolution No. 310 of 2024 has temporarily suspended trading of shares for Emirates Driving Company on the ADX. This suspension is due to the company's AGM being held at the same time as the trading session on 27-Mar-2024. Trading will resume once the AGM results are received by the ADX. All department heads at ADX are required to implement this resolution. The resolution will be circulated to the SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was approved by the authorised person and issued on 04/03/2024.

The Corporate Governance Manual's Article 40, Clauses 1 & 2, provides guidelines for shareholder representation at general assemblies. Shareholders can delegate someone other than company board members, staff, or employees of a securities brokerage company to represent them. The delegate, however, can represent no more than 5% of the company's issued capital. Legally incompetent individuals must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by a Notary Public, Commercial chamber of economic department in the state, a licensed bank or company in the state, or any other entity licensed to perform attestation works. The Proxy form should include the shareholder's and the approving brokerage firm's contact details. The shareholder can issue the Proxy within the limits and powers they deem appropriate, as long as the signature is approved by one of the mentioned authorities.

The Emirates Driving Company (PJSC) has invited its shareholders to attend the annual General Assembly meeting, both physically and virtually, on 27th March 2024. The agenda includes approval of the company's activity, financial position, auditor's report, balance sheet, and profit and loss account for the fiscal year ended on 31st December 2023. The board will also propose the distribution of cash dividends, discuss remuneration of board members, discharge board members and auditors for the fiscal year, and appoint auditors for 2024. A special resolution will consider a proposed offer from a related party to buy EDC's stake in SAWAEED Holding. Electronic registration is required for virtual attendees. Shareholders can delegate anyone except a board member or company employee to attend on their behalf, with certain conditions. Corporate entities can delegate a representative under a board decision.

The Board of Directors of Emirates Driving Company (PJSC) has invited shareholders to attend the annual General Assembly meeting on March 27, 2024. The meeting will take place both physically at the company premises and virtually. The agenda includes approving the Board of Directors' report, the Auditor's report, the company balance sheet, and profit and loss account. They will also discuss a proposed cash dividends distribution of 34% of paid capital, approve remuneration of the board members, discharge board members and auditors for the fiscal year ended on December 31, 2023, and appoint auditors for the fiscal year 2024. A special resolution will consider a proposed offer from a related party to buy EDC's stake in SAWAEED Holding. Shareholders attending virtually must register electronically to vote.