|Introduction||The Board of Directors of the Saudi Arabian Refineries Company (SARCO) is pleased to invite shareholders to participate and vote in the fiftieth ordinary general assembly meeting (the first meeting), which is scheduled to be held, God willing, at 10 pm on Wednesday 09/09/1442 AH corresponding to 04/21/2021 AD. By means of modern technology through the Tadawulati website (www.tadawulaty.com.sa) in order to ensure the safety of shareholders and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the emerging corona virus (COVID-19), and as an extension of efforts The continuous efforts made by all government agencies in the Kingdom of Saudi Arabia to take the necessary preventive measures to prevent its spread.|
|City and Location of the General Assembly’s Meeting||From the company’s headquarters in Jeddah, by using modern technology means (using Tadawulaty website).|
|URL for the Meeting Location||https://www.tadawulaty.com.sa|
|Date of the General Assembly’s Meeting||1442-09-09 AH corresponding to 2021-04-21|
|Time of the General Assembly’s Meeting||22:00|
|Attendance Eligibility||Each shareholder who is registered in the Company’s shareholders register at the Depository Center at the end of the trading session preceding the assembly meeting has the right to register the electronic attendance and vote using Tadawulaty system at the assembly meeting, according to the rules and regulations. Note that the eligibility to register attendance at the assembly meeting ends at the time of the assembly, and the right to vote on the assembly’s items for the attendees ends when the counting committee finishes counting the votes.|
|Quorum for Convening the General Assembly’s Meeting||For this assembly to be valid, the attendance of shareholders representing at least a quarter of the Company’s capital is required, and if the quorum required for holding the first meeting is not available, the second meeting will be held one hour after the end of the period specified for the first meeting, and the second meeting is valid regardless of the number of shares represented .|
|General Assembly Meeting Agenda||1-Voting on the Board of Directors’ report for the fiscal year ending on December 31, 2020.
2-Voting on the financial statements for the fiscal year ending on December 31, 2020.
3-Voting on the auditor’s report for the fiscal year ending on December 31, 2020.
4-Voting to absolve the members of the Board of Directors from liability for the fiscal year ending December 31, 2020.
5-To vote on the Board of Directors ’recommendation to distribute cash dividends for the fiscal year 2020 amounting to (11,250,000 riyals) at a rate of (7.5%) of the company’s capital at a rate of (75 halalas) for each share owned by the shareholder, provided that the eligibility of the shareholders who own the company’s shares shall be at the end of the trading day. The ordinary general assembly of the company and those registered in the company’s shareholders ’register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the maturity date, and the distribution date will be announced later.
6-Voting to appoint the company’s auditor from among the candidates, based on the recommendation of the Audit Committee, to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2021, and the first quarter of the fiscal year 2022, and determine their fees.
7-To vote on renewing the authorization issued to the members of the Board regarding obtaining bank loans and the necessary banking facilities, holding mortgages and providing in-kind guarantees, whether movable or immovable owned by the company, in order to facilitate the company’s business and achieve its objectives. According to the text of Article (24) of the company’s articles of association.
8-Vote to disburse an amount of (59,418 riyals) as a reward for the members of the Board of Directors for the fiscal year ending 31/12/2020.
9-To vote on electing members of the Board of Directors from among the candidates for the next session, which starts on 01/05/2021 and lasts for three years and ends on 30/04/2024 (Curriculum vitae of the candidates are attached.(
|E-Vote||Shareholders who are registered in Tadawulaty may vote on the items of the General Assembly agenda online starting from Saturday 05/09/1442 H corresponding to 17/04/2021 until the end of the Assembly’s meeting time. Therefore, we invite all shareholders to participate and vote online through Tadawulaty website : www.tadawulaty.com.sa
Note that registration and voting are available in Tadawulaty services free for all shareholders .
|Eligibility for Attendance Registration and Voting||The eligibility to register to attend the assembly meeting ends at the time of the assembly meeting. The eligibility to vote on the assembly’s items for the attendees ends when the counting committee finishes counting the votes .|
|Method of Communication|| In the event of an inquiry, we hope to contact the Shareholders Relations Department at:
phone : 0126517014 OR Email : email@example.com