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ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE RESULTS OF THE 8TH EXTRAORDINARY GENERAL ASSEMBLY MEETING WHICH INCLUDES CAPITAL INCREASE (Second Meeting)

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Introduction The 8th Extraordinary General Assembly Meeting of Advanced Petrochemical Company which includes capital increase (First Meeting) was held on Tuesday, September 17, 2019 corresponding to 18-01-1441H at 06:30 p.m. As the quorum of the first meeting was not achieved, where the percentage of the attendees in person, proxy and through E-Voting was (47.31%), therefore the Second Meeting was held one hour after the end of the period specified for the first meeting at 07:30 p.m.
City and Location of the Extraordinary General Assembly's Meeting Dammam city at Advanced Head Office (Gulf Road Dammam Corniche - SAMEC Building fifth floor).
Date of the Extraordinary General Assembly's Meeting 2019-09-17 Corresponding to 1441-01-18
Time of the Extraordinary General Assembly's Meeting 19:30
Percentage of Attending Shareholders 47.31%
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:

1. Khalifa Bin Abdullatif Bin Abdullah Al-Mulhem

2. Abdullah M. Al-Garawi

3. Waleed Bin Mohammed Bin Abdullah Al-Jaafari

4. Sultan Bin Mohammad Bin Ahmed Al Sulaiman

For personal reasons, the following members apologized for not attending the meeting:

1. Abdulaziz Bin Abdullah Bin Abdulaziz Al-Mulhem

2. Sami Bin Abdulaziz Bin Mohammed Al-Suwaigh

3. Khalid Bin Abdulrahman Bin Mohammed Al-Omran

4. Yasir Bin Abdulaziz Bin Mohammed Abu Ateek

5. Hani Bin Abdulaziz Bin Husain Al-Terkait

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf Mr. Abdullah Abdul Rahman Bu Ali represented the Audit Committee, Mr. Waleed Bin Mohammed Bin Abdullah Al-Jaafari represented the Nominations & Remunerations Committee and Mr. Khalifa Bin Abdullatif Bin Abdullah Al-Mulhem represented the Executive Committee.
Voting Results on the Items of the General Assembly's Meeting Agenda's 1) Approved the recommendation of the Board of Directors to increase the company share capital through bonus shares by one share for every ten shares held (1:10) from SAR (1,967,940,000) to SAR (2,164,734,000) and increase the shares of the Company from (196,794,000) shares to (216,473,400) shares with an increase of 10%.

2) 2) Approved the election of the members of the Board of Directors among the board membership nominees for new term of three (3) years starting from October 1, 2019 ending September 30, 2022, the following nominees:

1. Khalifa Bin Abdullatif Bin Abdullah Al-Mulhem

2. Sultan Bin Mohammad Bin Ahmed Al Sulaiman

3. Waleed Bin Mohammed Bin Abdullah Al-Jaafari

4. Abdulaziz Bin Abdullah Bin Abdulaziz Al-Mulhem

5. Abdulaziz Bin Abdullah Bin Moqbel Al-Haberdi

6. Bader Bin Osama Bin Hassen Jawher.

7. Mohammed Khalifa Bin Abdullatif Al-Mulhem

8. Sami Bin Abdulaziz Bin Mohammed Al-Suwaigh

9. Ali Bin Sadeeq Bin Ali Al-Hakemi

3) Approved the amendment of article (7) of the company's bylaws concerning the capital of the company.

4) Approved the amendment of article (20) of the company's bylaws concerning the remuneration of board members.

5) Approved the amendment of article (22) of the company's bylaws concerning the board meetings.

6) Approved the amendment of article (30) of the company's bylaws concerning the invitation for the general assemblies.

7) Approved the amendment of article (38) of the company's bylaws concerning the formation of the audit committee.

8) Approved the amendment of article (39) of the company's bylaws concerning the audit committee meeting quorum.

9) Approved the amendment of article (41) of the company's bylaws concerning the audit committee's reports.

10) Approved the amendment of article (45) of the company's bylaws concerning the financial documents.

11) Approved the amendment of article (46) of the company's bylaws concerning the distribution of profits.

12) Approved the amendment of article (47) of the company's bylaws concerning the profits entitlement.

13) Approved the updated Audit Committee Charter.

14) Approved the formation of the Audit Committee for the next term which will be starting October 1, 2019 to September 30, 2022 and its duties, its rules of activities and its members remunerations, the nominated members are:

1. Mr. Abdulaziz A. Al Molhem

2. Mr. Sultan. Al Solaiman

3. Mr. Abdullah Abdul Rahman Bu Ali

4. Mr. Waleed Mohammed Abdullah Al Jaffari

15) 15) Approved delegating the board of directors the vested powers of the ordinary general assembly meeting as per article (71/1) of the Companies Law for one year from the date of the approval by the general assembly meeting. Such delegation shall be in accordance with the requirements stipulated in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies.

16) Approved the updated Remuneration of Board Members, Board Committees and the Executive Management Policy

Attached Documents     

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price Net Change
47.2 0.7 (+1.51%)
Value Traded (SAR) Volume Traded
26,345,274.9 562,168