Saudi Aramco GA Discusses BOD Recommendation to Increase Capital to 75 bln

Saudi Aramco’s Board of Directors invited on Wednesday its shareholders to attend and vote at its 2022 Extraordinary General Assembly meeting (First Meeting) on Thursday May 12, 2022, (based on the Umm Ul Qura calendar), to be held virtually via modern technology means. The time of the Extraordinary General Assembly’s Meeting is 18:30.

Meeting Agenda:

1. Voting on the Board of Directors Report for the Financial Year ended December 31, 2021.

2. Voting on the Board of Director’s recommendation to increase the Company’s capital by way of granting bonus shares through the capitalization of SR15,000,000,000 from the Company’s retained earnings in the following manner:

-The increase in capital will be made by capitalizing an amount of SR15,000,000,000 from the Company’s retained earnings. The shareholders will be given one (1) share for every ten (10) shares owned in Saudi Aramco.

-The share capital of the Company before the increase is sixty billion (SR60,000,000,000), and if the increase is approved, it will be seventy-five billion (SR75,000,000,000). The percentage increase of the share capital is: 25%.

-The number of shares before the increase is two hundred billion (200,000,000,000), and after the increase it will become two hundred and twenty billion (220,000,000,000) shares.

-By increasing its capital, the Company aims to maximize total returns for its shareholders through the distribution of sustainable and progressive dividends, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities.

-In case there are any fractional shares as a result of the capital increase, the fraction shares will be grouped into a single portfolio on behalf of all of the Company’s shareholders who would otherwise have been entitled to receive such fractional shares, and sold at the market price and subsequently distribute the net cash proceeds to their respective fractional entitlements within 30 days from the date of determining the shares due to each shareholder.

-The shareholders registered in the Company’s shareholders’ register with the Securities Depository Center Company (Edaa) by the end of the second trading day following the date of the extraordinary general assembly meeting, will be eligible for the bonus shares.

-Amending Article (6) of the Saudi Aramco’s Bylaws relating to the capital

Shareholders who are registered in the Tadawulaty system may vote electronically on the general assembly meeting’s agenda through Tadawulaty’s website https://www.tadawulaty.com.sa.

Shareholders who are registered in the Tadawulaty system may vote electronically on the general assembly meeting’s agenda through Tadawulaty’s website https://www.tadawulaty.com.sa.

Voting and registration in the Tadawulaty system are provided free of charge to all shareholders.

Electronic voting will start on Tuesday, May 10, 2022 (based on the Umm Ul Qura calendar), and will continue until the general assembly meeting is concluded.

Registration to attend the Extraordinary General Assembly meeting will close at the meeting start time. Eligibility to vote on agenda items ends once the counting of votes has been concluded.

Specific inquiries from shareholders relating to the agenda items for the extraordinary general assembly meeting can be sent using the following online form, which will be made available starting from the time of this announcement. Any questions submitted using the form will be addressed during the meeting.