Advanced GA approves BOD recommendation to transfer SR81.5 mln from conventional reserve to retained earnings account

Advanced Petrochemical Company (Advanced) announced on Wednesday the results of the 17th Ordinary General Assembly Meeting (First Meeting), which was held through modern technology means on Tuesday, September 27, 2022, after fulfilling the required legal quorum for the Ordinary General Assembly meeting in accordance with the Companies Law and the Company’s Bylaws.

The Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

1. Approval of the formation of the audit committee and determine its duties, roles and remunerations for the new term, which begins on 01/10/2022 and ends on 30/09/2025, noting that the nominees are:

• Abdulsalam Mazro Abdullah Al-Mazro (Independent Director).
• Waleed Mohammed Abdullah Al-Jaafari (Non-Executive Director).
• Abdulaziz Abdullah Abdulaziz Al-Mulhem (Non-Executive Director).
• Abdullah Abdul Rahman Bu Ali (Member form outside the Board of Directors).

1. Approval of the recommendation of the Board of Directors to transfer an amount of Eighty-One Million Five Hundred Thirty-Nine Thousand Four Hundred Ninety-Four (SR81,539,494) from the consensual reserve amounting to Eighty-One Million Five Hundred Thirty-Nine Thousand Four Hundred Ninety-Four (SR81,539,494) as stated in the interim financial statements for the period ended on 30 June 2022 to the retained earnings amounting to Four Hundred Sixty-Four Million Nine Hundred Fifty-Seven Thousand One Hundred Thirty-Three (SR464,957,133) as stated in the interim financial statements for the period ended on 30 June 2022.