Middle East Paper Co. Announces the Results of the Ordinary General Assembly Meeting, ( First Meeting )

30 June 2024 09:35 AM

MEPCO 1202.B 0.00% 0.00 0.00

Element List	Explanation
Introduction	Middle East Paper Co (MEPCO) announces the results of the Ordinary General Assembly Meeting (First Meeting) in Jeddah through modern technology using the Tadawulaty system, which was held at 07:00 pm on Thursday, 21 Dhu al-Hijjah 1445 AH corresponding to June 27, 2024 , after reaching the quorum required for the meeting is 25% of the capital.
City and Location of the General Assembly's Meeting	Through modern technological means using the Tadawulaty system, from the meeting room of the company’s general management headquarters in the city of Jeddah.
Date of the General Assembly's Meeting	2024-06-27 Corresponding to 1445-12-21
Time of the General Assembly’s Meeting	19:00
Percentage of Attending Shareholders	43.52
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The following members of the Board of Directors attended the meeting via modern technology: 1- Mr. Musaab Sulaiman Al Muhaidib - Chair of the Board of Directors (Chair of the meeting) 2- Mr. Rob Jan Renders 3- Mr. Victor Sanz Martinez 4- Mr. Rakan Muhammad Abunayyan 5- Mr. Waleed Abdulrahman Al Monie 6- Ms. Hawazen Nazieh Nassief 7- Mr. Farid Habib The following members of the Board of Directors could not attend the meeting : 1- Mr. Waleed Ibrahim Shukri
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. Rakan Muhammad Abunayyan - on behalf of the Audit Committee Chair. 2- Mr. Waleed Abdulrahman Al Monie - on behalf of the Risk & Sustainability Committee Chair. 3- Ms Hawazen Nazieh Nassief – The Chair of the Nomination & Remuneration Committee. 4- Mr. Rob Jan Renders - the Chair of the Strategic & Executive Committee.
Voting Results on the Items of the General Assembly's Meeting Agenda's	1- Approval of the auditor's report for the fiscal year ending on 31/12/2023 after discussing it. 2- The company's financial statements for the fiscal year ending on 31/12/2023 were reviewed and discussed. 3- The Board of Directors' report for the fiscal year ending on 31/12/2023 was reviewed and discussed. 4- Approval of the appointment of Messrs. Ernst and Young from among the candidates as the Company's auditor based on the recommendation of the Audit Committee to examine, review, and audit the financial statements for the second, third, and annual quarters of the fiscal year 2024 and the first quarter of the fiscal year 2025 and determine their fees to be SAR 1,196,000 inclusive of VAT. 5- Approval of delegating the authority of the Ordinary General Assembly with the authorization mentioned in paragraph (1) of Article Twenty-Seven of the Companies Law to the Board of Directors, for a period of one year from the date of approval of the General Assembly or until the end of the cycle of the authorized Board of Directors, whichever is earlier, in accordance with the conditions stated in the Executive Bylaws of the Companies Law for Listed Joint Stock Companies. 6- Approval of the business and contracts concluded between the company and the Arab Corn Company for Industry, (formerly Al-Masirah Company for Investment and Industrial Development), in which the former member of the Board of Directors of the company, Mr. Abdullah Abdul Rahman Al-Muammar, has an indirect interest, which is the purchase of cornstarch for an amount of SAR 25,126,617 in the year 2023, which was made without preferential conditions. 7- Approval of the business and contracts concluded between the company and the United Mining Company, in which the former member of the Board of Directors, Mr. Emad Abdul Kader Al Muhaidib, has an indirect interest, which is the purchase of the company's products from gypsum board paper rolls for an amount of SAR 5,411,936 in the year 2023, which was made without preferential conditions. 8- Approval of the works and contracts concluded between the company and the Industrial Estates Development and Operation Company, in which the former member of the Board of Directors, Mr. Emad Abdul Kader Al Muhaidib, has an indirect interest, which is the supply of water to meet the company's needs among the approved suppliers in the amount of SAR 6,322,318 in the year 2023, which was made without preferential conditions.

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