Sahara International Petrochemical Company (Sipchem) invites its shareholders to attend the 14th Extraordinary General Assembly (First Meeting) to held using modern technology
|Introduction||In accordance with g the preventive and precautionary efforts recommended by relevant authorities to address the Corona Virus (COVID-19) pandemic, the Board of Directors of Sipchem is pleased to invite the shareholders of Sipchem to attend the Fourteenth Extraordinary General Assembly Meeting (the first meeting), by way of the modern technology provided by the Tadawulaty.|
|City and Location of the General Assembly's Meeting||Sipchem`s Headquarter, Riyadh- via modern technology|
|URL for the Meeting Location||https://www.tadawulaty.com.sa/|
|Date of the General Assembly's Meeting||2021-05-24 Corresponding to 1442-10-12|
|Time of the General Assembly's Meeting||19:30|
|Attendance Eligibility||Shareholders registered in Sipchem’s share registry at the Depository Center as of the end of trading prior to the Meeting day, and as per the rules and regulations, are eligible to attend the Meeting|
|Quorum for Convening the General Assembly's Meeting||The Extraordinary General meeting shall be quorate only if attended by shareholders representing at least half of the Share Capital. In case a quorum is not achieved at this meeting, the second meeting will be held within one hour of the scheduled time for the first meeting, and the second meeting will be valid if attended by shareholders representing at least 25% of the Share Capital.|
|General Assembly Meeting Agenda||1. Voting on the Board of Director’s report for the fiscal year ending on 31/12/2020. |
2. Voting on the financial statements for the year ended 31/12/2020.
3. Voting on the auditors' report for the year ended as of 12/31/2020.
4. Voting to absolve the members of the Board of Directors from liability for the past year 2020.
5. Voting on the dividends distributed for the year 2020 with a total amount of SAR 366,666,666, which equals a total of 50 Halalah per share, and (5%) of the capital.
6. Voting on the disbursement of four million five hundred and fifty-seven thousand and one hundred and forty-three Riyals (SAR 4,557,143) being the remuneration due to the Board of Directors for the fiscal year 2020.
7. Voting to appoint the Company auditor from among the candidates based on the recommendation of the Audit Committee, to examine, review and audit the financial statements for the second and third quarters of 2021 and the annual financial statements for the fiscal year 2021 and the first quarter of the fiscal year 2022 and to determine the fees to be paid to the auditor.
8. Voting to authorize the Board of Directors to distribute interim quarterly (quarter/ half) annual profits (dividends) for the fiscal year 2021.
9. Voting on: (a) approving Sipchem purchasing , up to 66,347,931 shares more of its shares and allocating them as treasury shares; . (b) authorizing the Board of Directors or whoever it authorizes to complete the purchase within a maximum period of twelve months from the date of the Assembly's approval and to retain the treasury shares for a maximum period of 5 years from the date of the General Assembly's resolution
10. Voting on amending Article 5 of Sipchem’s Bylaws regarding the Company Head Office (attached).
11. Voting on amending Article 17 of Sipchem’s Bylaws regarding the purchase of Sipchem’s shares. (attached).
12. Voting on amending the regulations of the Audit Committee Charter as per the attached.
13. Voting on amending the regulations of the Nomination and Remuneration Committee Regulation as per the attached).
14. Voting on the regulations of Competition Standards and Controls (attached).
|E-Vote||The shareholders may remotely vote on the General Assembly Meeting’s agenda via (E-voting service) through Tadawulaty website www.tadawulaty.com.sa. The remote voting will start on Thursday 08/10/1442 H Corresponding to 20/05/2021 G at (10:00) AM, and the voting will end once the Extraordinary General meeting ended. Please note that registration in Tadawulaty service and voting is provided free of charge.|
|Eligibility for Attendance Registration and Voting||Eligibility for attendance registration at the association meeting expires at the time of the meeting. Likewise, the right to vote on the Assembly’s items to attendees ends when the counting committee finishes counting votes|
|Method of Communication||For inquiries, you can contact the Shareholders Affairs Department – Sipchem |
Phone: (013) 8019200, Fax: (013) 3599610, p. B. 130. Khobar 31952, Email:
The Capital Market Authority and the Saudi Stock 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.