Northern Cement GA Authorizes BOD to Distribute Interim or Quarterly Dividends for 2022

1. Northern Region Cement Co. announced on Wednesday the results of the Ordinary General Assembly meeting (the second meeting) which is represented in Approving of authorizing the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis to shareholders for the fiscal year 2022.

The company said in a statement to Tadawul on Wednesday, that the general meeting was held with percentage of attending of 17.94%, through modern technology means from the company’s main headquarters in Tarif, and during the meeting:

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

2. Approval of the report of the Board of Directors for the fiscal year ended 31/12/2021.

3. Approval of the auditor report for the fiscal year ended 31/12/2021

4. Approval of the consolidated financial statements for the fiscal year ended 31/12/2021.

5. The approval of the hiring of the company’s auditor AlKharashi Co. Certified Accountants and Auditors on the recommendation of the audit committee, in order to check, review and audit the financial statements for the quarters (second, third, and annual) of financial year 2021, and the first quarter of financial year 2022, and determine its fees.

6. Approval of paying (SR1,400,000) as remunerations for the board of directors’ members for the fiscal year ending on 31/12/2021.

7. Approval of the business and contracts that will be concluded between the company and the SAPAC Company, in which the Chairman of the Board of Directors Mr. Suliman Saleem Al Harbi has an indirect interest in it. which is the sale of cement to the SAPAC Company during the next year and there are no special conditions on This type of contracts. And it is expected that the volume of transactions will reach SR6 million.

8. Approval of authorizing the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis to shareholders for the fiscal year 2022.

9. Approval of the delegation of the authority of the General Assembly to the Board of Directors with the license mentioned in Paragraph (1) of Article 71 of the Companies Bylaw for a period of one year from the date of approval of the General Assembly or until the end of the term of Delegated Board of Directors, whichever is earlier. This is in accordance with the conditions mentioned in the related regulations.

10. Approval of updating of the audit committee charter.

11. Approval of updating of the Nominations and Remuneration Committee Charter.

12. Approval of updating of the Policies, Standards and procedures for Board Membership.

13. Approval of updating of the Remuneration Policy for the Board of Directors and its Committees and Executive Management charter.

14. Approval of the Board’s resolution to appoint Dr. Faisal Hamad Al-suqair (independent member) as an Audit Committee chairman, starting from 27/06/1443 H. corresponding to 30/01/2022. until the end of the current committee’s term on March 15, 2023, to succeed the former committee member Mr. Khalid Abdulaziz Al Arifi (A member outside the board of directors), effective from the date of the resolution issued 30/01/2022. This appointment is in accordance with the Audit Committee Regulations.