‎“SABIC” GA Oks authorizing BOD to distribute interim profits ‎for 2023‎

The Saudi Basic Industries Corporation (SABIC) announced the results of the Ordinary General Assembly meeting (the first meeting) that was held on Thursday, with an attendance rate of 81.86%.

Results of voting on the assembly agenda:

Approving the authorization of the Board of Directors to distribute interim profits on a semi-annual or quarterly basis for the fiscal year 2023 AD, and to determine the maturity and disbursement date in accordance with the executive regulations of the companies’ system for listed joint-stock companies, in a manner commensurate with the company’s financial position, cash flows, and expansion and investment plans.

– Approval of the Board of Directors’ decision to appoint Eng. Abdul Rahman bin Saleh Al-Faqih (executive member) in the vacant seat in the Board of Directors as of March 21, 2023 AD, to complete the current Board session, which ends on April 9, 2025 AD.

– Approval of the company’s auditors’ report for the fiscal year ending on 12/31/2022 AD.

– The financial statements for the fiscal year ending on 12/31/2022 AD were reviewed and discussed.

– The report of the Board of Directors for the fiscal year ending on 12/31/2022 was reviewed and discussed.

– Approval of the appointment of Messrs. PricewaterhouseCoopers (PwC) among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2023 AD and for the first quarter of the year 2024 AD and determine his fees.

– Approval of the release of the members of the Board of Directors from liability for the fiscal year ending on 12/31/2022 AD.