September 27 … Advanced GA discusses BOD recommendation to transfer SR81.5 mln from consensual reserve to retained earnings account

Advanced Petrochemical Company invited its shareholders to attend the 17th Ordinary General Assembly Meeting (first meeting) via modern technology means.
The General Assembly Meeting Agenda:
1. To vote on the formation of the audit committee and determine its duties, roles and remunerations for the new term, which begins on 01/10/2022 and ends on 30/09/2025, noting that the nominees.
1) Abdulsalam Mazro Abdullah Al-Mazro (Independent Director).
2) Waleed Mohammed Abdullah Al-Jaafari (Non-Executive Director).
3) Abdulaziz Abdullah Abdulaziz Al-Mulhem (Non-Executive Director).
4) Abdullah Abdul Rahman Bu Ali (Member form outside the Board of Directors).
2. To vote on the recommendation of the Board of Directors to transfer an amount of Eighty-One Million Five Hundred Thirty-Nine Thousand Four Hundred Ninety-Four (SR81,539,494) from the consensual reserve amounting to Eighty-One Million Five Hundred Thirty-Nine Thousand Four Hundred Ninety-Four (SR81,539,494) as stated in the interim financial statements for the period ended on 30 June 2022 to the retained earnings amounting to Four Hundred Sixty-Four Million Nine Hundred Fifty-Seven Thousand One Hundred Thirty-Three (SR464,957,133) as stated in the interim financial statements for the period ended on 30 June 2022.
The quorum to convene Ordinary General Meeting is the attendance of shareholders representing at least twenty five (25%) percentage of the Company’s capital. If such quorum is not present at the first meeting, the second meeting will be held one hour after the end of the period specified for the first meeting and the second meeting will be deemed quorate irrespective of the number of shares represented at the meeting.
The eligibility for registering the attendance of the general assembly’s meeting ends upon the convenience of the General Assembly’s Meeting. The eligibility for voting on the business of the meeting agenda ends upon the counting committee concludes counting the votes.
Shareholders can remotely vote on the agenda items through (E-Voting System) starting from Friday September 23, 2022 until the end of the Assembly meeting time.