Sipchem announces the results of the thirteenth Extraordinary General Assembly (Second Meeting)
Thursday, April 30, 2020
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ELEMENT LIST EXPLANATION
Introduction Sahara International Petrochemical Company (Sipchem) announces the results of the thirteenth Extraordinary General Assembly meeting (the Second Meeting), which was held at exactly half past eleven (11:30) in the evening on Wednesday 06/09/1441H corresponding to 29/04/2020 through modern technology (Remote voting) according to the direction of the Capital Market Authority in accordance with its decision dated 16/03/2020 to suspend the General Assembly meetings for Companies listed in the Financial Market in physical attendance until further notice, as the quorum for the first meeting was not completed and the second meeting was held an hour after the time specified for the first meeting with attendance percent of 48.79% as the quorum for the second meeting is the presence of a number of shareholders representing 25% of the Company's capital.
City and Location of the General Assembly's Meeting The Extraordinary General Assembly meeting was held by means of modern technology
Date of the General Assembly's Meeting 2020-04-29 Corresponding to 1441-09-06
Time of the General Assembly's Meeting 23:30
Percentage of Attending Shareholders 48.79%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees The Chairman and all Board Members attended the Extraordinary General Assembly

 

1- Eng. Khalid A. Al-Zamil (Chairman)

2- Mr. Fahad S. Al Rajhi (Vice Chairman)

3- Dr. Abdulrahman A. Al-Zamil

4- Eng. Yousuf A. Al-Zamil

5- Eng. Saeed O. Al-Esayi

6- Eng. Reyadh S. Al-Edrisi

7- Mr. Saeed A. Basmah

8- Mr. Ayidh M. Al-Qarni

9- Mr. Bandar A. Masoudi

10- Mr. Zaid A. Al Turki

11- Mr. Abdulaziz A. Bin Dayel

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf Mr. Ayidh M. Al-Qarni (Audit Committee, Chairman)

 

Mr. Zaid A. Al Turki (Nomination & Remuneration Committee, Chairman)

Eng. Yousuf A. Al-Zamil (Executive Committee, Chairman)

Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Approval on the report of the Board of Directors for the fiscal year ending on 31/12/2019.

 

2. Approval on the financial statements for the fiscal year ending 31/12/2019.

3. Approval on the Auditor's report for fiscal year ending 31/12/2019.

4. Approval on releasing the members of the Board of Directors from their liabilities for the fiscal year ending on 31/12/2019.

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

3. Approving the disbursement of (4,100,000) four million and one hundred thousand Riyals in remuneration for the members of the Board of Directors for fiscal year ending 31/12/2019.

7. Approval on the appointment of KPMG Al-Fawzan & Partners as an Auditor of the Company from among the candidates based on the recommendation of the Audit Committee, to review and audit the financial statements for the second, third and annual of the fiscal year 2020 and the first quarter of the fiscal year 2021 and determine his fees.

8. Approval on authorizing the Board of Directors to distribute interim dividends to the shareholders on a semi-annual or quarterly basis for the fiscal year 2020.

9. Approval of the Company’s purchase up to (73,126,989) shares of its shares and its allocation as treasury shares, due to the Board’s view that the share price in the market is less than its fair value, provided that the purchase of the shares is funded using its cash balances or credit facilities, and the delegation of the Board or Whoever authorizes him to complete the purchase process within a period not exceeding (12 months) from the date of the decision of the Extraordinary General Assembly, and the shares purchased are kept until (5 years) from the date of approval of the Extraordinary General Assembly and after the expiration of this period the Company follows the procedures and controls stipulated in the relevant laws and regulations Relationship.

10. Approval on amended Article (28) of the Company's Articles of Association regarding attending assemblies.