ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE RESULTS OF 12TH EXTRAORDINARY GENERAL ASSEMBLY MEETING (SECOND MEETING)
| Element List | Explanation |
|---|---|
| Introduction | Advanced Petrochemical Company is pleased to announce to its shareholders the results of the 12th Extraordinary General Assembly Meeting (Second Meeting), which was held through modern technology means. As the required quorum for the validity of the first meeting was not achieved to hold the meeting in accordance with the Companies Law and the Company’s Bylaws, where the percentage of shares represented in the first meeting was (32.86%), the second meeting was held an hour after the end of the period specified for the first meeting. |
| City and Location of the General Assembly's Meeting | The Meeting was held through the modern technology means. |
| Date of the General Assembly's Meeting | 2024-03-28 Corresponding to 1445-09-18 |
| Time of the General Assembly’s Meeting | 23:59 |
| Percentage of Attending Shareholders | 33.06% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | Names of the Board of Directors' Members Present at the General Assembly's Meeting:
1. Mr. Khalifa Abdullatif Abdullah Al-Mulhem (Chairman of the Board of Directors) 2. Mr. Waleed Mohammed Abdullah Al-Jaafari (Vice Chairman of the Board of Directors) 3. H.E. Eng. Abdullah Ibrahem Abdallah Al-Saadan 4. Eng. Abdulaziz Abdullah Moqbel Al-Habardi 5. Eng. Abdulsalam Mazro Abdullah Al-Mazro 6. Mr. Abdulaziz Abdullah Abdulaziz Al-Mulhem 7. Dr. Bader Osama Hassen Johar. 8. Eng. Nader Saleh Abdullah Al-Dakheel 9. Eng. Mohammed Khalifa Abdullatif Al-Mulhem |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | 1. Mr. Khalifa Abdullatif Abdullah Al-Mulhem (Chairman of the Executive Committee).
2. Mr. Waleed Mohammed Abdullah Al-Jaafari (Chairman of the Investment Committee) 3. Dr. Bader Osama Hassen Johar(Chairman of the Nomination and Remuneration Committee) 4. Mr. Abdullah Abdulrahman Buali (Chairman of the Audit Committee). |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. The Board of Directors Report for the year ended on 31-12-2023 was reviewed and discussed.
2. The Company consolidated financial statements for the year ended on 31-12-2023 was reviewed and discussed. 3. Approval of the Company’s external auditor report for the year ended on 31-12-2023 and discussing it. 4. Approval of absolving the members of the Board of Directors from liabilities for the year ended 31-12-2023. 5. Approval of appointing Ernst & Young professional services as the auditor for the company among those nominees based on the recommendation of the Audit committee to review and audit (the second, third, annual financial statements of fiscal year 2024), and the total fees SAR 355,000 (Three hundred fifty-five thousand Saudi Riyals) excluding VAT. 6. Approval of delegating the Board of Directors the vested powers of the general assembly meeting as per Article (27/1) of the Companies Law for one year from the date of the approval by the general assembly meeting or the end of the delegated Board of Directors' term, which comes first. Such delegation shall be in accordance with the requirements stipulated in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies. 7. Approval of the amendment of the Article (6) of the company’s bylaws, related to (Term of the Company). 8. Approval of the amendment of the Article (9) of the company’s bylaws, related to (Preferred & Ordinary Shares). 9. Approval of the amendment of the Article (11) of the company’s bylaws, related to (Issuance of Shares). 10. Approval of the amendment of the Article (16) of the company’s bylaws, related to (Management of the Company). 11. Approval of the amendment of the Article (19) of the company’s bylaws, related to (Board of Directors’ Powers). 12. Approval of the amendment of the Article (20) of the company’s bylaws, related to (Remuneration of Board Members). 13. Approval of the amendment of the Article (21) of the company’s bylaws, related to (The powers of the Chairman, the Vice Chairman, the Managing Director and the Secretary). 14. Approval of the amendment of the Article (22) of the company’s bylaws, related to (Board Meetings). 15. Approval of deleting the article (26) from the company’s bylaws, related to (Constituent Assembly). 16. Approval of deleting the article (27) from the company’s bylaws, related to (Constituent Assembly’s Powers). 17. Approval of deleting the article (31) from the company’s bylaws, related to (Meeting Attendees’ Record). 18. Approval of the amendment of the Article (35) of the company’s bylaws, related to (Assemblies’ Resolution). 19. Approval of deleting the article (39) from the company’s bylaws, related to (Committee Meeting Quorum). 20. Approval of deleting the article (40) from the company’s bylaws, related to (Committees Competencies). 21. Approval of deleting the article (41) from the company’s bylaws, related to (Committee’s Reports). 22. Approval of the amendment of the Article (44) of the company’s bylaws, related to (Fiscal Year). 23. Approval of the amendment of the Article (45) of the company’s bylaws, related to (The Financial Documents). 24. Approval of adding an article to the company’s bylaws numbered (40) related to (Creation of Reserves). 25. Approval of the amendment of the Article (46) of the company’s bylaws, related to (Distribution of Profits). 26. Approval of the amendment of the company’s bylaws to comply with the new Companies Law and rearrange the articles of the company’s bylaws and numbering to comply with the amendments proposed. 27. Approval of the amendment to the Audit Committee Charter. 28. Approval of the amendment to the Policies, Standards & Procedures for the Membership of the Board of Directors. 29. Approval of transferring the statutory reserve amount of (SAR 481,897,492.56), as stated in the financial statements for the year ended on 31/12/2023, to the retained earnings account. |
Comments