EPCCO Votes to Transfer SAR 430 Million from Statutory Reserve to Conventional Reserve

The Board of Directors of the Eastern Province Company announced the outcomes of the 11th Extraordinary General Assembly Meeting (Second Meeting), which was conducted remotely via modern technology on Sunday at 19:30. Among the resolutions passed was the approval to transfer the balance of the statutory reserve, totaling SAR 430 million as reported in the financial statements for the year ending on December 31, 2023, to the voluntary reserve, aimed at bolstering the company’s financial solvency.

The remaining voting results on the Assembly’s agenda are outlined as follows:

1. Review and discussion of the Board of Directors’ report for the fiscal year ended on December 31, 2023.

2. Approval of the External Auditors report for the fiscal year ended on December 31, 2023.

3. Review and discussion of the Financial Statements for the fiscal year ended on December 31, 2023.

4. Approval of the discharge of Board of Directors members from liabilities for their management of the company during the fiscal year ended on December 31, 2023.

5. Authorization of the Board of Directors to distribute interim cash dividends to the shareholders on biannual or quarterly basis for the financial year 2024.

6. Appointment of M/s. BDO Dr. Mohamed Al-Amri & Co. as the auditor for the Company, based on the Audit Committee’s recommendation, to examine, review, and audit the second, third, and annual financial statements of the fiscal year 2024 and the first quarter of the fiscal year 2025 for agreed professional fees amounting to SAR 488,000.

7. Authorization of the Board of Directors with the powers of the Ordinary General Assembly, with the permission mentioned in clause (1) of Article 27 of the Companies law, for a period of one year from the date of approval by the General Assembly or until the end of the session of the delegated Board of Directors, whichever is earlier, in accordance with the conditions stipulated in the executive regulations of the companies law for listed joint-stock companies.