Yansab GA Oks BOD recommendation to distribute SR843.7 mln profits for 2H

Yanbu National Petrochemical Co. (Yansab) announced results of the 14th Ordinary General Assembly Meeting, (First Meeting) that held through modern technology means with percentage of attending shareholders reached 70.7%.

Voting results on the items of the General Assembly’s Meeting Agenda included:

1.Approve the External Auditor Report for the fiscal year ended on 31 December 2021.

2.Approve the Financial Statements for the fiscal year ended on 31 December 2021.

3.Approve the Board of Directors Report for the fiscal year ended on 31 December 2021.

4.Approve the appointment of PricewaterhouseCoopers (PWC) as the External Auditor for the Company from among the candidates nominated based on the recommendation of Audit Committee to review and audit financial statements of the first quarter, second quarter, third quarter, fourth quarter and the annual of the fiscal year 2022, in addition to first quarter of the fiscal year 2023, and determining the fees.

5.Approve the discharge of the Board of Directors members for the fiscal year ended 31 December 2021.

6.Approve the disbursement of SAR (1,400,000) as remuneration to the Board members for the fiscal year ended on 31 December 2021.

7.Approve the recommendation of the Board of Directors to distribute cash dividends with total amount (SAR 843,750,000) to shareholders for the second half of the year 2021 at SAR 1.5 per share, which represents 15% of par value. Eligibility will be to the shareholders at the end of trading on the day of the General Assembly registry at the Depository Center (Edaa Center) at the end of the second trading day following Eligibility day, the distribution day will start from Wednesday 30 March 2022.

8.Approve authorizing the Board of Directors to distribute interim dividends, semi-annual or quarterly for the fiscal year 2022.