National Industrialization Company (TASNEE) Announces The Results of The 25th Ordinary General Assembly Meeting (First Meeting)
|Introduction||TASNEE Board of Directors is pleased to announce the results of the 25th Ordinary General Assembly meeting (First Meeting) which was held at 21:45 on 20/04/2022 remotely via modern technology, with the quorum required for convention of the meeting was present at the (47.09%) of the shares that represent the capital.|
|City and Location of the General Assembly's Meeting||The Head Office in Riyadh city – remotely via modern technology|
|Date of the General Assembly's Meeting||2022-04-20 Corresponding to 1443-09-19|
|Time of the General Assembly's Meeting||21:45|
|Percentage of Attending Shareholders||47.09%|
|Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees||The meeting was attended by the following Board members: |
1. Eng. Mubarak Abdullah Al-Khafrah (Chairman)
2. Dr. Talal Ali Al-Shair (Vice Chairman)
3. Dr. Nazih Hasan Naseef
4. Eng. Talal Ibrahim Al-Maiman
5. Mr. Musaab Saulaiman Al-Muhaideb
6. Mr. Saud Sulaiman Al-Juhani
7. Eng. Abdullatif Khalifah Al-Melhem
8. Eng. Abdulrahman Sulaiman Al-Sayyari
9. Mr. Bader Ali Al-Dakheel
10. Eng. Mutlaq Hamad Al-Morished
|Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf||The meeting was attended by the following Committees’ Chairmen: |
1. Eng. Mubarak Abdullah Al-Khafrah (Chairman of Executive Committee)
2. Mr. Sami Abdulaziz Al-Sheneiber (Chairman of Audit Committee)
3. Mr. Saud Sulaiman Al-Juhani (Chairman of Nomination and Remuneration Committee)
|Voting Results on the Items of the General Assembly's Meeting Agenda's||1. Approve the Board of Directors’ report for the fiscal year ending on 31/12/2021. |
2. Approve the auditor’s report for the fiscal year ending on 31/12/2021.
3. Approve the Company’s financial statements for the fiscal year ending on 31/12/2021.
4. Approve the appointment of PricewaterhouseCoopers (PwC) as the external auditor, based on the recommendation of the Audit Committee; to examine, review and audit the financial statements for the second and third quarters as well as the annual statements for the fiscal year 2022 and for the first quarter of the year 2023, and to determine the auditor’s fees.
5. Approve the resolution of the Board of Directors to appoint Eng. Mutlaq Hamad Al Morished (Executive Director) as a member of the Board of Directors starting from 28/09/2021 until the end of the current term of the Board, on 05/07/2022, in succession to the previous Board member Mr. Ibrahim Ali Al Qadhi (Non-Executive Director).
6. Approve the update of Nomination and Remunerations Committee Charter.
7. Approve the business and contracts that took place between the National Industrialization Petrochemicals Marketing Co. (TASNEE subsidiary company) and the Factory of Non-Woven Industrial Fabrics Company, which is a subsidiary of Al-Khafrah Holding Company in which the Chairman of the Board Eng. Mubarak Abdullah Al-Khafrah has a direct interest. The transactions include various purchase orders for polypropylene materials. The total purchase during the fiscal year ending on 31/12/2021 amounted to SAR 28,762,665 and there are no preferential conditions.
8. Approve the business transactions and contracts that took place between the National Industrialization Petrochemicals Marketing Co. (TASNEE subsidiary Company) and the Converting Industries Company Ltd. (an affiliate of Al-Shaer Trading, Industry and Contracting Company) in which the Board Member Dr. Talal Ali Al-Shair has a direct interest. The transactions include various purchase orders for polyethylene materials. The total purchase during the fiscal year ending on 31/12/2021 amounted to SAR 23,380,589 and there are no preferential conditions.
9. Approve the election of the Board of Directors’ members for the next Board term of three years starting on 06/07/2022 and ending on 05/07/2025. They are:
1. Eng. Mubarak Abdullah Al-Khafrah
2. Eng. Talal Ibrahim Al-Maiman
3. Eng. Abdullatif Khalifah Al-Melhem
4. Mr. Bader Ali Al-Dakheel
5. Mr. Saud Sulaiman Al-Juhani
6. Mr. Musaab Saulaiman Al-Muhaideb
7. Eng. Abdulrahman Sulaiman Al-Sayyari
8. Mr. Fahad Abdulrahman ALmishal
9. Eng. Mutlaq Hamad Al-Morished
10. Mr. Ahmad Naja Al Theabi
10. Approve the formation of the Audit Committee, defining its duties, working procedure and members’ remuneration for the new term of three years – starting on 06/07/2022 and ending on 05/07/2025, the candidates are the following:
1. Mr. Sami Abdulaziz Alshenaiber
2. Mr. Bader Ali Saleh Al Dakhil
3. Mr. Musaab Sulaiman Al Muhaidib
4. Mr. Maher Saad Alaiyadhi
11. Approve the disbursement of an amount of SAR 350,000 as an award for each Board member for the fiscal year ending on 31/12/2021.
12. Approve the discharge of the members of the Board of Directors for the fiscal year ended 31/12/2021.
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