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Arabian Pipes Company announces the nomination for Board Member Candidates for next session

2200
APC
-5.61 %
1445/04/17     01/11/2023 16:26:02

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IntroductionArabian Pipes Company is pleased to announce to its esteemed shareholders the opening of nominations for the membership of the company's Board of Directors for the upcoming term, which, God willing, will start its work from May 22, 2024, until May 21, 2027. For those gentlemen interested in nominating themselves for the Board of Directors and who meet the membership qualifications and conditions, they should submit their nomination applications within the specified period in the announcement and according to the details provided in this announcement.

The nomination will be in accordance with the provisions of the Companies Law issued by the Ministry of Commerce and the Corporate Governance Regulations issued by the Capital Market Authority, in addition to the policies, standards, and procedures for membership in the Board of Directors. The nominated members will be elected, God willing, during the General Assembly meeting, the date of which will be announced later after obtaining the necessary approvals from the competent authorities.

Type of AssemblyNew Session
Assembly Start Date2024-05-22 Corresponding to 1445-11-14
Assembly End Date2027-05-21 Corresponding to 1448-12-15
Number of members8
Application Start Date2023-11-01 Corresponding to 1445-04-17
Application End Date2023-11-30 Corresponding to 1445-05-16
Applications Submission MethodNomination applications and their full attachments should be sent by express mail or delivered hand-to-hand to the attention of the Nomination and Remuneration Committee at the company's head office during official working hours from 8:00 AM to 3:00 PM at the following address: 7647 Street No. 304 – Postal Code 14335 - 2nd Industrial City – Kharj Road - Riyadh

Or via email: contact@arabian-pipes.com

For inquiries, you can call: 0112650123, Extension 324.

Application RequirementsThe candidate must fulfill the conditions for nomination to the Board of Directors membership as stipulated in the relevant systems and regulations, as follows:

1- Fulfill the general conditions for Board of Directors membership and meet the nomination requirements stipulated in the attached policies, standards, and procedures.

2- Submit a written application, signed by the candidate, expressing their desire to run for membership in the Council. The application should be in accordance with the attached form and submitted within the timeframe specified in the announcement.

3- Submit Form No. (1): Personal CV. (Attached).

4- Submit a signed copy of Form No. (3), issued by the Capital Market Authority, for candidacy to the Board of Directors (attached).

5- All documents and certificates attached to the nomination request must be in Arabic and certified by the official authorities. If any documents are written in a foreign language, the nominee must provide a certified Arabic translation.

6- The candidate should not be a government employee, except for those appointed by state sectors.

7- Attach clear, valid photocopies of the national ID card, family record (for married individuals), and passport (for non-Saudis). For legal entities wishing to nominate representatives, attach a copy of the commercial register. Provide the nominee's contact details, including phone, mobile, fax, and email address, along with a photo of the nominee.

8- Submit a statement detailing the number and dates of memberships on the boards of directors of other joint-stock companies, as well as the committees he/she has served on or is currently a member of.

9. 9- Candidates who have previously served on the Board of Directors of the Arab Pipe Company are required to attach to their nomination application a statement from the company's management about their last tenure on the Board. This statement must include the following details:

• The total number of Board of Directors meetings conducted each year during the term.

• The number of meetings the member attended in person, and their attendance percentage compared to the overall number of meetings.

• Details regarding the permanent committees in which the member participated, including the number of meetings each committee held every year during the term, the number of meetings the member attended, and their attendance percentage relative to the total number of committee meetings.

A summary of the financial results achieved by the company every year throughout the term.

10- Submit a statement where the candidate discloses any direct or indirect interests in the business and contracts executed on behalf of the company.

11- Provide a statement detailing the companies or institutions the nominee either manages or owns that engage in business activities similar to those of the Company.

12- The candidate should not have been convicted of a crime that breaches honor and trust.

13- The candidate must have complied with all decisions rendered against them by the Capital Market Authority.

14- The candidate must maintain a good personal and professional reputation.

15- The candidate must maintain a good personal and professional reputation.

16- The candidate must have the ability to allocate sufficient time to contribute effectively to guiding the company's business and policies.

17- The candidate must exhibit strong leadership qualities and possess the ability to understand, analyze, evaluate problems, and determine appropriate solutions.

The Remuneration and Nomination Committee will review the nomination requests submitted to it. It's noteworthy that voting at the General Assembly will be limited only to those candidates who have nominated themselves for membership of the Board of Directors in compliance with the specified policies, criteria, and procedures. The company will announce the details of these nominees as per Paragraph (a) of Article 8 of the Corporate Governance Regulations issued by the Capital Market Authority.

Candidate Conditions
Attached Documents      

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 165.0
Net Change -9.8 (-5.61%)
Value Traded (Sar) 136,191,155.2
Volume Traded 815,627
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