APICO GA approves authorised capital placement at SAR 100 million

Arabian Plastic Industrial Co. (APICO) announced the results of the extraordinary general assembly meeting (first meeting), which was held on December 14, 2023, which included the following:

First: Approval of the amendment of the Company’s bylaws in accordance with the new Companies law, and rearranging the system’s articles and numbering them to comply with the proposed amendments.

Second: Approval of the placement of the company’s authorised capital according to the following:

* The authorised capital after the amendment will be 100,000,000 SAR.

*There is no change in the number of companies’ shares before and after the increase in the authorised capital.

*Amendment to Article No. (7) of the company’s bylaws related to capital

Third: Approved to amend Article (19) of the company’s bylaws, related to the powers of the board.

Fourth: Approved to amend Article (21) of the company’s bylaws, related to the powers of the Chairman of the Board of Directors, Vice Chairman, the managing director, and the board secretary.

Fifth: Approved the charter of the Nominations and Remuneration Committee (NRC).