| Element List | Explanation |
| Introduction | The Saudi Arabian Refineries Company (SARCO) is pleased to announce the results of the Ordinary General Assembly Meeting (Second Meeting), which was held on Tuesday 20/11/1445H corresponding to 28/05/2024G through modern technology using Tadawulaty system (www.tadawulaty.com.sa), where the quorum for the second meeting was completed with an attendance rate of 13.27%, as the quorum for the second meeting is the attendance of any number of the company’s shares. |
| City and Location of the General Assembly’s Meeting | The company’s head office – Madinah Road, Jeddah -Adham Commercial Building, through modern technology means (remotely). |
| Date of the General Assembly’s Meeting | 2024-05-28 Corresponding to 1445-11-20 |
| Time of the General Assembly’s Meeting | 20:00 |
| Percentage of Attending Shareholders | 13.27% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | The members of the Board of Directors attended the meeting:
1- Dr. Obaid Saad Al-Subaie- Chairman of Board of Directors 2- Mr. Abdul Aziz Abdul Mohsen Al-Bakr – Deputy Chairman of the Board 3- Dr. Abdul Rahman Ahmed Al-Mufarreh 4- Mr. Mishal Abdel Rahman, Members 5- Mr. Fahd Muhammad Enkadi 6- Mr. Nael Samir Fayez 7- Mr. Khaled Muhammad Al-Hanaki The member of the Board of Director was absent from the General Assembly meeting: 1- Mr. Khaled Ahmed Al-Hamdan |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | 1- Mr. Abdul Aziz Abdul Mohsen Al-Bakr (Chairman of the Remuneration and Nominations Committee)
2- Mr. Mishal Abdul Rahman Al-Aqla (Chairman of the Audit Committee and Chairman of the Investment Committee) |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1- The Board of Directors’ Report for the fiscal year ending on 31st December 2023 was reviewed and discussed.
2- The Financial Statements for the fiscal year ending on 31st December 2023 was reviewed and discussed. 3- Approval of the Auditor’s Report on the Company’s accounts for the fiscal year ending on 31st December 2023 after discussing it. 4- Approval to the discharge the members of the board of directors from liability for the fiscal year ending 31/12/2023. 5- Approval of the hiring of the company’s auditor Deloitte Company on the recommendation of the audit committee, in order to check, review and audit the financial statements for the quarters (second, third, and annual) of financial year 2024, and the first quarter of financial year 2025, and determine its fees an amount of (335,000) Saudi Riyals, excluding VAT. 6- Approval on the recommendation of the board of directors not to distribute cash dividends for the fiscal year 2023. 7- Disapproval of paying (766.665) Saudi riyals as remunerations for the board of directors’ members for the fiscal year ending on 31/12/2023. 8- Approval of delegating the Board of Directors to the authority of the Ordinary General Assembly with the authorization contained in Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of approval of the General Assembly or until the end of the delegated Board of Directors’ session, whichever is earlier, in accordance with the conditions set forth in the issued in Executive Regulations of the Companies Law for Listed Joint Stock Companies. 9- Approval on delegating the Board of Directors to distribute interim dividends on a biannually or quarterly basis for the fiscal year 2024. |