SARCO Resolves to Remove Board of Directors Members and Dissolve Associated Committees

The Saudi Arabian Refineries Company (SARCO) announced on Sunday the results of the Ordinary General Assembly Meeting (Second Meeting), which was held on Thursday, 01/25/2024, at the Rotana Shaheen Hotel, Yanbu Hall 1, in person and via social media. Modern technology using the Tadawulaty system (www.tadawulaty.com.sa), where the quorum for the second meeting was completed with an attendance rate of 17.50 %, as the quorum for the second meeting is the attendance of any Number of company shares.

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

1- Approved the dismissal of members of the current Board of Directors and the committees emanating from it based on the request submitted by each of (Ithra Holding Company, Manazel International Company, German Saudi Industrial Company, Fahd Thunayan Fahd Al Thunayan, Rashid Hamad Al-Musallam, Ibrahim Rashid Al-Rasheed, Ibtisam Abdullah Abdulaziz Al-Muaither , Fahd Saif Muhammad Al-Qahtani, Fawaz Muhammad Abdullah Al-Qahtani, Saad Ali Abdullah Al-Luhaidan, Khaled Abdullah Ibrahim Al-Mujil, Miteb Muhammad Al-Anzi, Muhammad Abdullah Marei Al-Qahtani, Muhammad Rashid Hamad Al-Musallam, Ali Misfer Saeed Al-Qahtani, Saad Muhammad bin Saad Al-Tamimi, Khaled Farraj Faraj Al-Anazi) They own10% of the company’s capital, and the majority’s justifications (that the current board members have not developed the company’s business and are satisfied with the profits of the contributing companies and the repeated delay in announcing the financial statements according to the laws).

2- Approved of the election of members of the Board of Directors from among the candidates for the next session, which begins on January 25, 2024 and ends on January 24, 2027, for a period of three years, where the following members were elected:

1- Mr. Khaled Ahmed Al-Hamdan

2- Mr. Abdul Aziz Abdul Mohsen Al-Bakr

3- Mr. Fahd Muhammad Al-Habardi

4- Dr. Abdul Rahman Ahmed Al-Mufarreh

5- Dr. Obaid Saad Al-Subaie

6- Mr. Mishal Abdul Rahman Al-Aqla

7- Mr. Khaled Muhammad Al-Hanaki

8- Mr. Nael Samir Fayez

3- Not approved of disbursing a reward to deserving members of the Board of Directors of (7.5%) of the remaining profits for the financial year ending 12/31/2022 and an amount of (780,529) riyals according to the text of Article (51) of the company bylaws.