SPIMACO agrees to purchase 815 thousand shares of its stock, allocate them to Employees Stock Incentive program

The Board of Directors of the Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO ADDWAIEH) announced on Wednesday the results of the Extraordinary General Assembly meeting (Second Meeting), which was held via means of modern technology at 20:30 evening on Tuesday 14/11/2023.

Voting Results:

1. Approve the amendment of Criteria for Board Membership.

2. Approve the amendment of the Audit Committee Charter.

3. Approve the amendment of the Remuneration and Nomination Committee Charter.

4. Approve Company competition controls and standards Policy.

5. Approve the amendment of Article No. (3) of the Company’s bylaws relating to (Company Objectives).

6. Approve the amendment of Article No. (4) of the Company’s bylaws relating to (Participation and Merge).

7. Approve the amendment of Article No. (6) of the Company’s bylaws relating to (Company Term).

8. Approve the deletion of Article No. (26) from the Company’s bylaws with regard to (Powers of the Constitutional Assembly).

9. Approve amending the company’s Bylaws in accordance with the new Companies’ Laws.

10. Approve the Board of Directors’ recommendation to transfer an amount of 34,709,740 riyals from balance of the Consensual reserve and an amount of 150,000,000 riyals from the general reserve balance to extinguish the company’s entire accumulated losses amounting to 124,357,766 Saudi riyals, which represents 10.36% of the capital, as in the financial statements for the period ending on (31/ 03/2023 AD).

11. Approve the employee stock program and authorise the Board of Directors to determine the terms of this program, including the allocation price for each share offered to employees if it is for consideration.

12. Approve on the Company’s purchase of a number of its shares, with a maximum of (815000) shares for the purpose of allocating them to the Employees Stock Incentive program, the purchase will be financed through the company’s available cash., and to authorize the Board of Directors or whomever it delegates to complete the purchase within a maximum period of (12) months from the date of the Extraordinary General Assembly’s approval. The Company may hold the purchased shares for a period not exceeding (4) years from the date of approval of the Extraordinary General Assembly as a maximum until they are allocated to the Employees Stock Incentive program, and once 4 years period lapses, the Company will follow the procedures and controls stipulated in the relevant laws and regulations.