The National Investor PRJSC

The annual general meeting of the National Investor Company was held on Friday, April 26, 2024. Shareholders representing 165,790,123 shares of the company's capital attended the meeting both in person and remotely. The meeting was chaired by the company's chairman, Mr. Saeed Mohammed Hassan Al Masood. Topics on the agenda were discussed in accordance with the provisions of the Companies Law No. (32) of 2021 and the company's basic system. The agenda included listening to the management's report on the company's activity and financial position for the fiscal year ending on December 31, 2023, discussing the company's balance sheet and profit and loss account for the same fiscal year, and considering proposals regarding non-distribution of profits and not granting bonuses to board members for the fiscal year ending on December 31, 2023.

The National Investor PrJSC held a General Assembly Meeting electronically on the 26th of April, 2024. The meeting was attended by the board of directors including Chairman Mr. Saeed Mohamed Hasan Almasoud and Vice Chairman Mr. Tariq Khalil Dawood Badran Al Karaeen. The agenda included six items, all of which were approved. These items included approving the Board of Directors' report, auditors' report, the company's budget, and profit and loss statement for the fiscal year ended on 31/12/2023. The board also approved a proposal for non-distribution of dividends and no remuneration for board members for the same fiscal year. Lastly, the board members were discharged from liability for the fiscal year ended on 31/12/2023.

The General Assembly Meeting for The National Investor PrJSC was held electronically on 26 April 2024. The meeting was attended by the Chairman, Vice Chairman, and other board members. The agenda included approval of the Board of Directors' report on the company's activity and financial position, the auditors' report, the company's budget, profit and loss statement, and a proposal for non-distribution of dividends for the fiscal year ended on 31/12/2023. All items were approved, including a proposal not to pay remuneration to the board members and discharging them from liability for the same fiscal year.

The National Investor PrJSC held a General Assembly Meeting on 26 April 2024 via remote attendance and voting technology. The meeting was led by Chairman Mr. Saeed Mohamed Hasan Almasoud and Vice Chairman Mr. Tariq Khalil Dawood Badran Al Karaeen, along with other members of the Board of Directors. The assembly approved the Board of Directors' report on the company's activity and financial position for the fiscal year ended on 31/12/2023, the auditors' report for the same period, and the company's budget and profit and loss statement. The proposal for non-distribution of dividend and not to pay a remuneration to the Board members for the fiscal year ended on 31/12/2023 were also approved. The Board members were discharged from liability for the fiscal year ended on 31/12/2023.

The National Investor PrJSC held a General Assembly Meeting on 26 April 2024 via remote attendance and voting technology. The meeting, chaired by Mr. Saeed Mohamed Hasan Almasoud, had several items on the agenda. The Board of Directors' report on the company's activity and financial position for the fiscal year ending 31/12/2023 was approved. The auditors' report for the same period was also approved. The company's budget and profit and loss statement for the fiscal year ending 31/12/2023 were discussed and approved. The proposal of the Board of Directors regarding the non-distribution of dividends for the fiscal year ending 31/12/2023 was considered and approved. The proposal not to pay remuneration to the Company’s members of the Board for the fiscal year ended on 31/12/2023 was also approved. Finally, the members of the Board of Directors were discharged from liability for the fiscal year ending 31/12/2023.

The National Investor PrJSC has reported accumulated losses amounting to AED 63,493 thousand, which is 22.3% of its paid-up capital. This is in line with the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, which mandates companies to disclose such information when their losses reach 20% or more of their paid-up capital. The losses were mainly due to impairment losses on its investment in National Catering Company, which amounted to AED 8.9 million in 2022 and AED 8.2 million in 2023. Additionally, an impairment loss of AED 18.7 million was incurred on a property component of Al Mafraq Hotel in 2022. The company also sold a plot of land in Masdar for AED 14.6 million, which resulted in a loss as its book value was AED 16.7 million.

Resolution No. 360 of 2024 announces the temporary suspension of trading for The National Investor PRJSC shares on the ADX. This suspension is due to the company's AGM, which coincides with the trading session, being held at 11:00 on 26-Apr-2024. Trading will be suspended from 09:00 on the same day until the AGM results are received by the ADX. The heads of departments at ADX are instructed to execute this resolution in their respective fields. The resolution will also be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on 04/04/2024.

The National Investor PrJSC has announced an invitation for its shareholders to attend the Annual General Assembly for the financial year ended on 31 December 2023. The Ministry of Economy has approved the publication of this invitation. The meeting will be conducted remotely via video communication technology on 26 April 2024 at 11:00 am. The invitation and meeting agenda have been attached for reference.

The Independent Auditor's Report for The National Investor Pr. J.S.C. and its subsidiaries has been completed, with audits conducted on the consolidated financial statements for the year ending 31 December 2023. The auditor has concluded that the statements present a fair representation of the company's financial position, performance, and cash flows, in accordance with International Financial Reporting Standards (IFRS). The audit was conducted following International Standards on Auditing (ISAs) and the International Code of Ethics for Professional Accountants (IESBA Code). A key focus of the audit was the valuation of the Group's financial instruments, due to the significance of these instruments and the related uncertainty.