MEPCO GA discusses BOD recommendation to distribute SAR 3.3 million cash dividends for 2022, June 22nd

The Board of Directors of Middle East Paper Company (MEPCO) invited its valued shareholders to participate and vote in the Ordinary General Assembly Meeting (the first meeting), on Thursday 22.06.2023 at 7:00 p.m., through means of modern technology.

General Assembly Meeting Agenda

1. Voting on the Auditor’s Report for the fiscal year ended on December 31, 2022 after discussing it.

2. View and discuss the Financial Statements for the fiscal year ended on December 31, 2022.

3. View and discuss the Annual Report of the Board of Directors for the fiscal year ended on December 31, 2022.

4. Voting on the appointment of the company’s auditor from among the candidates, based on the recommendation of the Audit Committee, to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2023 and the first quarter of the fiscal year 2024, and determine their fees.

5. Voting on the authorization of the Board of Directors to distribute interim dividends bi-annually or quarterly for the fiscal year 2023.

6. Voting on delegating the Board of Directors the authorization powers of the General Assembly stipulated in paragraph (1) of Article (27) of the Companies Law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions stipulated in the executive regulations of the Law relating to Listed joint stock companies.

7. Voting on the business and contracts that have been concluded between the company and Arabian Maize Company for Industry (formerly “Al-Masirah International Industrial Investments Company”), in which the members of the Board of Directors of the company Mr. Abdullah Abdulrahman Al-Moammar and Mr. Emad Abdulkadir Al Muhaidib has a direct interest in it, which is the purchase of cornstarch at an amount of SAR 35,716,109 per the year 2022, which is concluded without preferential terms (attached).

8. Voting on the business and contracts that have been concluded between the company and United Mining Company, in which the member of the Board of Directors Mr. Emad Abdulkadir Al Muhaidib has a direct interest in it, which are commercial continuous transactions which are done in the context of the normal business according to the prevalent commercial conditions and without any preferential conditions at an amount of SAR 26,514,609 per the year 2022. (Attached)

9. Voting on the Board of Directors ’recommendation to distribute an amount of SAR 33,333,334) as cash dividends to the shareholders for the fiscal year ending on 31/12/2022 at a rate of (0.50) riyal per share.

10. Voting on the Board of Directors decision to recommend the appointment of Mr. Rakan Mohammed Abdullah Abunayyan (Independent member) as a member of the Audit Committee, starting from 02-01-2023 until the end of the current committee’s work period on 13-11-2025 in place of the previous committee member/ Saleh Abdulrahman Saleh Al-Fadhel, and this appointment comes in accordance with work regulations of the Audit Committee.

11. Voting on the Board of Directors decision to recommend the appointment of Mr. Fahad Mohammed Saleh Mohammed Al Fawaz ( a member from outside the board) as a member of the Audit Committee, starting from 03-04-2023 until the end of the current committee’s work period on 13-11-2025, in place of the previous committee member, Mr. Nader Mohammed Saleh Jameel Ashoor, and this appointment comes in accordance with the work regulations of the Audit Committee.