The Red Sea Housing Services Company has approved a proposal to relocate its headquarters from Jubail to King Abdullah Economic City (KAEC) in Rabigh.

This was among the proposals approved at the company’s extraordinary general assembly meeting (EGM) in Jubail.

The meeting approved the board’s recommendation to pay a total of SR1,800,000 to the directors.

It also approved the board’s recommendation to pay SR 60 million as cash dividends or SR 1.50 per share for the financial year 2012, which represents 15 percent of the nominal value of the share, for shareholders registered on company’s records on the day of the EGM.

The process for distributing dividends to the bank accounts of shareholders will commence on May 8.

The company shareholders also approved the following:

The board of directors’ annual report for the financial year ending Dec. 31, 2012.

The financial statements and the independent auditor’s report for the financial year ending Dec. 31, 2012.

Discharge the board of directors from their liabilities for the financial year ending Dec. 31, 2012.

The recommendation of the audit committee to appoint Price Waterhouse Coopers as the company’s external auditor for 2013, to perform annual and quarterly audits of the financial statements and determine their remuneration.

The appointment of Amr Abdullah Al-Dabbagh as non-executive member of the board for Red Sea Housing Services Company effective from July 30, 2012 through the current cycle, which ends on April 25, 2015.

The amendments in ExCom Charters and Corporate Governance Charters.

The conclusion of contracts with Gulf General Cooperative Insurance Company to provide insurance services to Red Sea Housing Services Company, in which Jamal Abdullah Al-Dabbagh, Mohamed Husnee Jazeel and Muhammad Ali Ikhwan are board members in both companies and are considered “related parties.”

The total value of contracts concluded in 2012 reached SR 1,245,275.19.

The conclusion of contracts with SARL Red Sea Housing Algeria Ltd. for 2013, to provide units for the construction of camps in which the company’s board member Jamal Abdullah Al-Dabbagh owns 2 percent of its capital.

The conclusion of contracts with Red Sea for Building Materials and Equipments Trading Company to provide all types of paints, coating, sanitary wares, building equipment and machinery in which the company’s Board Member Jamal Abdullah Al-Dabbagh owns 5 percent of its capital.