The following items of the agenda have been approved:

  1. The minutes of the previous meeting held on 24th March 2024.
  2. The Board of Directors’ recommendations to establish a trust certificate issuance programme (the “Sukuk Programme”) with a value of up to USD 500 million through a Special Purpose Vehicle (SPV), subject to obtaining the necessary regulatory or other approvals. Shareholders also approved the issuance of Sukuk amounting to USD 500 million in one or more tranches through the issuer SPV.
  3. The Modifications to the terms and conditions of the existing USD 500 million Sukuk due in 2025, originally issued in two tranches in 2020. This includes the offer to early redeem the outstanding certificates.
  4. Delegation of powers to the Board of Directors (and their delegates to conduct the necessary procedures to carry out the Sukuk Programme and the Offer. This includes obtaining all necessary approvals, including from the concerned regulators, concluding agreements, and performing any actions deemed essential by the Board in accordance with the mentioned agreements in relation to the Sukuk Programme and the Offer.
  5. Any recent issues in accordance with Article (207) of the Commercial Companies Law.