Middle East Paper Co. Announces the Results of the Extraordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | Middle East Paper Co (MEPCO) announces the results of the Extraordinary General Assembly Meeting (First Meeting) in Jeddah through modern technology using the Tadawulaty system, which was held at 07:00 pm on Thursday, 1 Muharram 1447 AH corresponding to June 26, 2025 , after reaching the quorum required for the meeting is 50% 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 | 2025-06-26 Corresponding to 1447-01-01 |
| Time of the General Assembly’s Meeting | 19:00 |
| Percentage of Attending Shareholders | 59.26 |
| 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
8- 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. Fahad Muhammad A lFawaz - The Audit Committee Chair,
2- Mr. Walid Ibrahim Shukri - The Risk & Sustainability Committee Chair and the Chair of the Nomination & Remuneration Committee 3- 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 31/12/2024 after discussing it.
2- The company's financial statements for the fiscal year ending on 31/12/2024 were reviewed and discussed.
3- The Board of Directors' report for the fiscal year ending on 31/12/2024 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 2025 and the first quarter of the fiscal year 2026 and determine their fees to be SAR 1,299,500 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 on the Board of Directors' recommendation of the transfer of the full statutory reserve of the company in the amount of SAR 135,278,852 as in the financial statements ending on 31/12/2024 to the retained earnings item .
7- Approval on the authorization of the Board of Directors to distribute interim dividends bi-annually or quarterly for the fiscal year ending 31/12/ 2025. |
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