MEPCO GA authorizes BOD to distribute 2022 interim profits

Middle East Paper Company (MEPCO) is pleased to announce the results of the Ordinary General Assembly Meeting (First Meeting), after the quorum was completed, which was held on 13/06/2022 at 6:30 pm through modern technical means using Tadawulaty system.

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

1. Approval of the Auditor’s Report for the fiscal year ended on December 31, 2021.
2. Approval of the Financial Statements for the fiscal year ended on December 31, 2021.
3. Approval of the Annual Report of the Board of Directors for the fiscal year ended on December 31, 2021.
4. Approval of the appointment of (Ernst & Young) as the company’s auditor from among the candidates, 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 2022 and the first quarter of the fiscal year 2023, and determine their fees.
5. Approval of the authorization of the Board of Directors to distribute interim dividends bi-annually or quarterly for the fiscal year 2022.
6. Approval of delegating to the Board of Directors 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.
7. Approval of the business and contracts that have been concluded between the company and Arabian Maize Company for Industry (formerly “Al-Masirah International Industrial Investments Company”), in which the Chairman of the Board of Directors of the company Mr. Abdullah Abdulrahman Al-Moammar and a member of the Board of Directors Mr. Emad Abdulkadir Al Muhaidib has a direct interest in it, which is the purchase of cornstarch at an amount of 23,035,088 SAR per the year 2021, which is concluded without preferential terms (attached).
8. Approval of the business and contracts that have been concluded between the company and United Mining Company, in which the member of the Board of Directors Mr. Emad Abdulkadir Al Muhaidib has a direct interest in it, which are commercial continuous transactions which are done in the context of the normal business according to the prevalent commercial conditions and without any preferential conditions at an amount of 10,627,974 SAR per the year 2021. (Attached)
9. Approval of the Board of Directors ’recommendation to distribute an amount of (50,000,000) SAR as cash dividends to the shareholders for the fiscal year ending on 31/12/2021 at a rate of (1) riyal per share. provided that the eligibility for profits is for the company’s shareholders who own the shares on the due date who are registered in the company’s shareholder register At the Securities Depository Center (Edaa) at the end of the second trading day following the day of the meeting, and the dividends will be distributed to the registered shareholders within 15 days from the due date of these profits.