Sipchem invites its shareholders to attend the Extraordinary General Assembly (First Meeting)
Tuesday, April 07, 2020
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ELEMENT LIST EXPLANATION
Introduction The Board of Directors of Sahara International Petrochemical Company (Sipchem) is pleased to invite the shareholders of the Company to attend the thirteenth Extraordinary General Assembly meeting (the first meeting), through modern technology means using Tadawulaty System, based on the circular of the Capital Market Authority Board to limit the holding of listed joint stock companies associations via the means of modern technology remotely and suspend its physical meetings in presence until further notice.

 

This is in order to ensure the safety of dealers in the financial market and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the new Corona virus (COVID-19), and as an extension of the continuous efforts made by all Government agencies in the Kingdom of Saudi Arabia in taking the necessary preventive measures to prevent its spread.

City and Location of the General Assembly's Meeting Riyadh, Company`s Headquarter
URL for the Meeting Location https://bit.ly/2xFKUKo
Date of the General Assembly's Meeting 2020-04-29 Corresponding to 1441-09-06
Time of the General Assembly's Meeting 22:30
Attendance Eligibility Shareholders Registered in the Issuer’s Shareholders Registry in the Depository Center At the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations
Quorum for Convening the General Assembly's Meeting In order for this Assembly to be valid, a number of shareholders representing at least 50% of the capital must be present, according to the provision of Article (34) of the Company's Bylaw. In the event that this quorum is not available in the first meeting, the second meeting will be held an hour after the end of the period specified for the first meeting, and the second meeting will be valid if attended by a number of shareholders representing at least 25% of the capital.
General Assembly Meeting Agenda 1. Vote on the report of the Board of Directors for the fiscal year ending on 31/12/2019.

 

2. Vote on the financial statements for the year ended 31/12/2019.

3. Vote on the auditors' report for the year ended as of 12/31/2019.

4. Vote to absolve the members of the Board of Directors from their liability for the past year 2019.

5. Voting on the dividends distributed for the first half of the year 2019 with a total amount of SAR (439,999,999), which means a total of (60) Hallah per share, representing (6%) of the capital (Attached).

6. Voting on the disbursement of (4,100,000) four million and one hundred thousand Riyals reward for members of the Board of Directors for the fiscal year 31/12/2019.

7. Vote to appoint the Company auditor from among the candidates based on the recommendation of the audit committee, to examine, review and audit the financial statements for the second, third quarter and the annual of the fiscal year 2020 AD and the first quarter of the fiscal year 2021 AD and determine its fees.

8. Vote to authorize the Board of Directors to distribute interim quarterly (quarter/ half) annual profits for the fiscal year 2020 AD.

9. Voting on the Company's purchase of up to (73,126,989) shares of its shares and allocating them as treasury shares, due to the Board’s opinion that the share price in the market is less than its fair value. The purchase of shares is funded from the company’s own resources using its cash balances or credit facilities, and authorizing the Board of Directors or whoever authorizes it to complete the purchase with the period (12 month) once or several times within maximum from the date of the Assembly's approval. The purchased shares are kept until (5 years) from the date of EGM approval and after this period has passed the company follows the procedures and mandatory in the relevant laws and regulations (attached).

10. Vote on amending Article (28) of the company's Bylaw regarding attending societies (attached).

Proxy Form
E-Vote The shareholders will be able to view the entire articles of the Assembly and vote on them remotely, knowing that the electronic voting will be from ten o'clock in the morning on 09/22/1441 H corresponding to 04/25/2020 until the end of the meeting time, through the available (Tadawulaty) system free for all shareholders submitted by the Securities Deposit Center Company(EDAA Center) by visiting the website of (Tadawulaty) on the link:

 

http://www.tadawulaty.com.sa

Eligibility for Attendance Registration and Voting Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes
Method of Communication For inquiries, you can contact the Compliance and

 

Corporate Affairs Department – Sipchem

Phone: (013) 8019373, Fax: (013) 3599610, p. B. 130. Khobar 31952, Email:

[email protected]