Saudi Steel Pipe approves BOD recommendation of profit non-distribution for 2021

Saudi Steel Pipes Company announces that the company held its ordinary general assembly (first meeting) after satisfying the required legal quorum.

Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

1- Approve the report of the Board of Directors for the financial year ended 31/12/2021G.

2- Approve the External Auditor Report for the financial year ended 31/12/2021G.

3- Approve the Consolidated Financial Statements for the financial year ended 31/12/2021G.

4- Approve the recommendation of the Board of Directors not to distribute dividends for the financial year ended 31/12/2021G.

5- Approve the appointment of External Auditor of the company Dr. Mohamed Al-Amri & Co. (BDO) to examine, review and audit the financial statements for the second, third and fourth quarter and annual fiscal year 2022, and the first quarter of the financial year 2023. And to determine their fees.

6- Approve the business and contracts conducted between the company and Hu Steel Company in which a member of the Board of Directors being Mr. Hoon Park has an indirect interest, knowing that 2021 services received amounted to SR 146,329 which represent a technical assistance contract and without preferential conditions.

7- Approve the business and contracts conducted between the company and Rabiah and Nassar Company in which a member of the Board of Directors being Mr. Mousa AlMousa has an indirect interest, knowing that 2021 trading amounted to SR 1,396,093 which represented pipe sales spot orders and without preferential conditions.

8- Approve the business and contracts conducted between the company and Tenaris Saudi Arabia Ltd in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 services rendered amounted to SR 3,769,543 which represented service assistance contract without preferential conditions.

9- Approve the business and contracts conducted between the company and Dalmine S.P.A. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 Technical Support service received amounted to SR 1,516,059 which represented a technical support service contract without preferential conditions.

10- Approve the business and contracts conducted between the company and Dalmine S.P.A. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 IT services received amounted to SR 19,151 which represented IT services contract without preferential conditions.

11- Approve the business and contracts conducted between the company and Tenaris Saudi Arabia Ltd in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 sales amounted to SR 1,527,944 which represented spot orders without preferential conditions.

12- Approve the business and contracts conducted between the company and Tenaris Saudi Arabia Ltd in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 other spot sales amounted to SR 15,455 which represented spot orders without preferential conditions.

13- Approve the business and contracts conducted between the company and Tenaris Global Services S.A. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 sales amounted to SR 1,526,265 which represented spot orders and without preferential conditions.

14- Approve the business and contracts conducted between the company and Tenaris Global Services S.A. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 purchases amounted to SR 5,183,484 which represented spot orders without preferential conditions.

15- Approve the business and contracts conducted between the company and Siderca SAIC in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 services received amounted to SR 146,136 which represented a service contract without preferential conditions.

16- Approve the business and contracts conducted between the company and Exiros Saudi Arabia Ltd. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 services received amounted to SR 1,835,750 which represented a service contract without preferential conditions.

17- Approve the business and contracts conducted between the company and Exiros Saudi Arabia Ltd. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 services rendered amounted to SR 34,687 which represented rental service contract without preferential conditions.

18- Approve the business and contracts conducted between the company and Tenaris Saudi Arabia Ltd in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 purchases amounted to SR 11,295 which represented spot purchases without preferential conditions.

19- Approve the business and contracts conducted between the company and Tenaris Global Services Far East Pte. Ltd. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 services rendered amounted to SR 30,447 which represented spot orders without preferential conditions.

20- Approve the participation of the Board member Mr. Hoon Park in competitive business.

21- Approve the participation of the Board member Mr. Carlos Ferreyra in competitive business.

22- Approve the participation of the Board member Mr. Renwar Berzinji in competitive business.

23- Approve the business and contracts to be conducted between the Company and Tenaris Connections B.V. in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, which represented a Trademark License Agreement allowing SSP to use Tenaris’ trademark free of charge. There are no transactions in 2021, and this agreement is renewed for 1 year renewable for successive 1-year periods.

24- Approve the business and contracts to be conducted between the company and Tenaris Connections B.V in which the Board members Mr. Mariano Armengol, Mr. Carlos Ferreyra and Mr. Renwar Berzinji have indirect interests, knowing that 2021 transactions amounted to SR 20,931 which represented Premium Connections Technology License Agreement allowing the company to use Tenaris’ premium connections technology without preferential conditions; this agreement is for 1 year renewable for successive 1 year period.

25- Approve the remuneration of the Board of Directors for the amount of SR 2,285,000 for the financial year ended 31/12/2021G.

26- Approve the Discharge of liabilities of the Members of the Board of Directors for the financial year ended 31/12/2021G.

27- Approve the election of the members of the Board of Directors for the next session starting from 7 June 2022 for a period of three years ending on 6 June 2025G. they are:

1- Hoon Park

2- Mohammed AbdulAziz AbdulRahman Al Shayea

3- Mariano Armengol Lamazares

4- Renwar Berzinji

5- Carlos Andres Ferreyra

6- Yves Walid

7- Yacob Chang

8- Salman Ahmed Akbar

9- Maged Mohammed Abdullah Al-Dakheel

28- Approve the formation of the Audit Committee for the new session, starting on 7 June 2022 and for a period of three years ending on 6 June 2025G, approve its tasks, work rules and the rewards of its members. and they are:

1- Salman Ahmed Akbar

2- Maged Mohammed Abdullah Al Dakheel

3- Ruggero Signorelli Filippini

29- Approving the delegation to the Board of Directors for its session starting 7 th June 2022 the authorization powers of the General Assembly stipulated in paragraph (1) of Article 71 of the Companies Law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions set forth in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies.