RED SEA Approves Amendment to Dividends Distribution Policy

Red Sea International Co. announced on Sunday the results of the Extraordinary General Assembly Meeting (First Meeting), which included approval of 13 items, as follows:

1. Approval of amending the Company’s Articles of Association, in accordance with the new Companies Law and renumbering such Articles of Association to be consistent with the proposed amendments;

2. Approval of amending Article (4) of the Company’s Articles of Association, related to participation and ownership in companies;

3. Approval of amending Article (6) of the Company’s Articles of Association, pertaining to the Company’s term;

4. Approval of amending Article (21) of the Company’s Articles of Association, concerning the powers of the Board;

5. Approval of amending Article (23) of the Company’s Articles of Association, regarding the authorities of the Chairman, Vice Chairman, Managing Director and the Board Secretary;

6. Approval of amending Article (49) of the Company’s Articles of Association, related to dividends distribution;

7. Approval of amending the Corporate Governance Charter;

8. Approval of amending the Board of Directors Charter;

9. Approval of the amendment of the Audit Committee Charter;

10. Approval of the amendment of the Remuneration and Nominations Committee Charter;

11. Approval of the amendment of the Remuneration Policy;

12. Approval of the amendment of the Board of Directors’ Membership Policy and Standards; and

13. Approval of the amendment of the Dividends Distribution Policy.