SABIC Assembly Elects Nine BOD Members for New Term

Saudi Basic Industries Corp. (SABIC) announced on Thursday that the General Assembly approved the election of the following members to the Board of Directors for a new term starting April 10, for a period of three years: Eng. Khalid Al-Dabbagh, Dr. Mohammed Alqahtani, Eng. Abdulrahman Al-Fageeh, Eng. Ziad Almurshed, Dr. Faisal Al-Faqeer, Eng. Yousef Alzamel, Lucrèce Foufopoulos, Dr. Ramesh Ramachandran and Mohamed Al-Subaie.

The Assembly also approved transactions and contracts between SABIC Industrial Investments Co., a SABIC subsidiary, and the Saudi Arabian Mining Co. (Ma’aden), in which Dr. Mohammed Alqahtani, Vice Chairman of SABIC’s Board, has an indirect interest as Vice Chairman of SABIC and a member of Ma’aden’s Board. The contracts involve SABIC Industrial Investments Co. selling its 10.62% stake in Alba, equivalent to 292.8 million ordinary shares, to Ma’aden for SAR 3.61 billion, without preferential terms.

The Assembly also approved the discharge of the Board of Directors from liability for 2024, the auditor’s report for the same year, and authorised the Board to distribute interim dividends on a semi-annual or quarterly basis for 2025.