GASCO GA Discusses Delegating BOD to Distribute Interim Dividends for 2022

The Board of Directors of the National Gas and Industrialization Co. (“GASCO”) invited the shareholders to participate and vote in the Ordinary General Assembly Meeting (First Meeting) scheduled to be held virtually on Monday, (27/06/2022).

General Assembly Meeting Agenda:

1. Vote on the Board report for the fiscal year ending on 31st of December, 2021.

2. Vote on the Company’s auditor report for the fiscal year ending on 31st of December, 2021.

3. Vote on the Financial Statements for the year ending 31st of December, 2021.

4. Vote on releasing the Board members from liability for the year ending 31st of December, 2021.

5. Vote on paying an amount of (SR3,404,000) as remuneration to the Board members for the year ending 31st of December, 2021.

6. Vote on appointment of the Company’s auditor from the nominees based on the recommendation of the Audit Committee for examining, reviewing and auditing the financial statements for the second, third and fourth quarters of the fiscal year (2022) and the first quarter of the fiscal year (2023), and on determining his fees.

7. Vote on the Board of Directors’ decision regarding distribution of cash dividends for the first and second half of the fiscal year (2021), for a total amount of (SR112,500,000) (SR1.50 per share) which represents 15% of the Company’s capital.

8. Vote on authorizing the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year (2022), and to determine the disbursement and due date in accordance with the regulatory rules and procedures issued pursuant to the Companies Law in line with the company’s financial position, cash flows, and expansion and investment plans.

9. Vote on delegating to the Board of Directors the authorization powers of the Ordinary General Assembly stipulated in Paragraph (1) of Article (71) of the Companies Law for a period of one (1) year from the date of approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions set in the regulatory rules and procedures issued pursuant to the Companies Law with regard to Listed Joint Stock Companies.

Shareholders registered in Tadawulaty system may vote electronically on the General Assembly meeting’s agenda. Electronic voting will start on Thursday 23/06/2022, and will continue until the General Assembly meeting ends.

Eligibility for registering the attendance of the General Assembly’s meeting ends upon the Convenience of the General Assembly’s meeting. Eligibility for voting on the meeting agenda ends when the counting committee completes counting of the votes.

The shareholders registered on Tadawulaty website will be notified with a text message explaining the mechanism of participation in the deliberations of the Ordinary General Assembly meeting.