CHEMANOL Delegate General Assembly Authorization Powers to Board of Directors

Methanol Chemicals Company (Chemanol) announced on Sunday the outcomes of its Ordinary General Assembly Meeting (second meeting), which shareholders approved the delegation of authorization powers of the General Assembly to the Board of Directors.

Key results from the meeting include:

1. Review and discussion of the Board of Directors’ report for the financial year ending on 31/12/2023.
2. Approval of the auditor’s report for the financial year ending on 31/12/2023.
3. Review and discussion of the financial statements for the financial year ending on 31/12/2023.
4. Appointment of Ernst & Young as auditor for the Company, based on the Audit Committee’s recommendation, to audit financial statements for specific periods, with fees totaling SAR 595,000 excluding VAT.
5. Approval of delegating to the Board of Directors the authorization powers of the General Assembly as stipulated in Article 27(1) of the Companies Law, effective for one year from the date of approval or until the end of the Board’s term, whichever is earlier, subject to Regulatory Rules and Procedures.