|Introduction||Saudi Arabian Refineries Company (SARCO) announces the results of the Ordinary General Assembly meeting (the first meeting) which was held on Wednesday 09/09/1442 AH corresponding to 21/04/2021 through modern technology means (remote), in accordance with the CMA circular The judge is satisfied with holding the assemblies of listed joint-stock companies through the means of modern technology remotely and suspending them in attendance until further notice, as the quorum for the first meeting was completed with an attendance rate of 30.91%, as the legal quorum for the first meeting is the presence of shareholders representing a quarter of the company’s capital.|
|City and Location of the General Assembly’s Meeting||Through modern technology means from the company’s headquarters in Jeddah, through the Tadawulaty website.|
|Date of the General Assembly’s Meeting||2021-04-21 Corresponding to 1442-09-09|
|Time of the General Assembly’s Meeting||22:00|
|Percentage of Attending Shareholders||30.91 %|
|Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees||The meeting of the General Assembly was attended by means of modern technology, the following board members:
1- Prince Muhammad bin Khalid bin Turki Al Saud (Chairman of the Board)
2- Mr. Omar bin Abdullah Al-Maliki (Member of the Board of Directors)
3- Mr. Abdullah bin Rashid Al-Rafiah (Member of the Board of Directors)
4- Engineer / Abdul Ghani bin Abdul Rahim Wali (Member of the Board of Directors)
The following board members were absent from attending the general assembly meeting:
|Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf||1-Prince Muhammad bin Khalid bin Turki Al Saud (Chairman of the Investment Committee)
2- Engineer Abdul Ghani bin Abdul Rahim Wali (Chairman of the Audit Committee)
3- Mr. Abdullah bin Rashid Al-Rafiah (Chairman of the Nominations and Remuneration Committee)
|Voting Results on the Items of the General Assembly’s Meeting Agenda’s||1- Non-approval of the Board of Directors’ report for the fiscal year ending on December 31, 2020.
2- Non-Approval the financial statements for the fiscal year ending on December 31, 2020.
3- Non-approval of the auditor’s report for the fiscal year ending on December 31, 2020.
4- Non-approval to absolve the members of the Board of Directors from liability for the fiscal year ending December 31, 2020.
5- Approval of 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- Approving the appointment of the office of Mr. Al-Ayouti and Partners as an auditor for the company’s accounts 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 AD and the first quarter of the fiscal year 2022 AD and determine their fees.
7- Approving the renewal of the authorization issued to the members of the Board regarding obtaining bank loans and the necessary banking facilities, contracting 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, and in this they have the right to sign all the papers and documents necessary on behalf of the company and that as a foundation According to the text of Article (24) of the company’s articles of association.
8- Approving the disbursement of an amount of (59,418 riyals) as a bonus to 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 ending on 30/04/2024. The following members were elected:
1- Iyad bin Muhammad Haider Sheikh
2- Yasser bin Suleiman Al-Aqeel
3- Ali bin Saleh Khabiti
4- Hattan bin Hamid Al-Shanbari
5- Suleiman bin Saad Al-Hamid
6- Maqid bin Ibrahim Al-Otaibi
7- Prince Muhammad bin Khalid bin Turki Al Saud
8- Fahad bin Abdulrahman Al-Makeal