The Board of Directors (BoD) of Saudi Arabian Mining Company (Maaden) is pleased to announce that the Fifth Ordinary General Assembly meeting was held at 4:00 PM on Saturday, 15/05/1433H corresponding to 07/04/2012G in the Company Headquarter in Riyadh. After fulfilling the legal quorum, the General Assembly has:
1.Approved the Board of Directors report for the financial year ended on 31/12/2011.
2.Approved the auditors report for the financial year ended on 31/12/2011.
3.Approved the Consolidated Financial Statements of the Company for the financial year ended on 31/12/2011.
4.Discharged the Board of Directors members from liability of their management during the previous year ended on 31/12/2011.
5. Approved the recommendation not to distribute dividends for the financial year ended on 31/12/2011.
6.Approved the Audit Committees recommendation to assign external auditor (PricewaterhouseCoopers) to audit the final financial statement of the Company for fiscal year 2012, and quarterly financial data and to determine their fees.
7.Approved the Company to issue Sukuks (bonds) or any other tradable debt instruments; at any time, with amounts and conditions approved by the Board of Directors; in part or several parts, or through series of domestic or international issuances established by the Company from time to time. The Board of Directors is authorized do all necessary actions and procedures to issue debt instruments. The Board of Directors has the right to delegate any or all their authorities to any person or persons.