GASCO Announces Opening of Nomination for Membership of BOD

The Board of Directors of GASCO announced on Tuesday the results of the Ordinary General Assembly Meeting (2nd Meeting) and it also announced the opening of nomination for membership of BOD.

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

1. Approving the Board report for the fiscal year ending on 31st of December, 2021.
2. Approving the Company’s auditor report for the fiscal year ending on 31st of December, 2021.
3. Approving the Financial Statements for the year ending on 31st of December, 2021.
4. Approving release of the Board members from liability for the year ending on 31st of December, 2021.
5. Approving payment of an amount of (SR 3,404,000) as remuneration to the Board members for the year ending on 31st of December, 2021.
6. Approving appointment of the Company’s auditor from the nominees based on the recommendation of the Audit Committee for examining, reviewing and auditing the financial statements for the second, third and fourth quarters of the fiscal year (2022) and the first quarter of the fiscal year (2023), and determining his fees By selecting Price Water house Coopers – Chartered Accountants.
7. Approving the Board of Directors’ decision regarding distribution of cash dividends for the first and second half of the fiscal year (2021) for a total amount of (SR 112,500,000) (SR 1.50 per share) which represents 15% of the Company’s capital.
8. Approving authorization of the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year (2022) and to determine the disbursement and due date in accordance with the regulatory rules and procedures issued pursuant to the Companies Law in line with the Company’s financial position, cash flows, and expansion and investment plans.
9. Approving delegation to the Board of Directors the authorization powers of the Ordinary General Assembly stipulated in Paragraph (1) of Article (71) of the Companies Law for a period of one (1) year from the date of approval by the Ordinary General Assembly or until end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions set in the regulatory rules and procedures issued pursuant to the Companies Law with regard to Listed Joint Stock Companies.