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| Introduction | The Saudi Arabian Refineries Company (Sarco) is pleased to announce the results of the Ordinary General Assembly meeting (the second meeting), which was held on Thursday 04/12/1444 AH corresponding to 22/06/2023 AD, through modern technology using the Tadawulaty website (www.tadawulaty.com .sa), where the quorum for the second meeting was completed with an attendance rate of 3.82%, as the quorum for the second meeting is the presence of any number of the company’s shares. |
| City and Location of the General Assembly’s Meeting | The company headquarters – Jeddah through modern technology. |
| Date of the General Assembly’s Meeting | 2023-06-22 Corresponding to 1444-12-04 |
| Time of the General Assembly’s Meeting | 21:00 |
| Percentage of Attending Shareholders | 3.82% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | The following members of the Board of Directors attended the General Assembly meeting:
1-Eng. Aiad Mohammad Mushaikh (Chairman of the Board of Directors) 2-Mr. Fahd Abdul Rahman Al Muaikal (Member of the Board of Directors) 3-Mr. Yasser Suleiman Al-Aqeel (Board Member – Chairman of the Audit Committee) 4-Eng. Abdul Rahman Ayed Al Dahasi (Board Member – Chairman of the Social Responsibility Committee) The following members of the Board of Directors were absent from attending the General Assembly meeting: 1-Prince Mohammad Khalid Turki Al Saud (Board Member and Chairman of the Nominations and Remunerations Committee) 2-Eng. Hattan Hamid Al-Shanbari Al-Sharif (Vice Chairman of the Board of Directors) |
| 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. Yasser Suleiman Al-Aqeel (Board Member – Chairman of the Audit Committee) 2-Eng. Abdul Rahman Ayed Al Dahasi (Board Member – Chairman of the Social Responsibility Committee) |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1- The report of the Board of Directors for the fiscal year ending on December 31, 2022 was reviewed and discussed.
2- The financial statements for the fiscal year ending on December 31, 2022 AD were reviewed and discussed.3- Approval of the auditor’s report for the fiscal year ending on December 31, 2022.4- Approving the release of the members of the Board of Directors from their liability for the fiscal year ending December 31, 2022. 5- Approval of the Board of Directors’ recommendation to distribute cash dividends for the fiscal year 2022 amounting to (15,000,000 riyals) at a rate of (10%) of the company’s capital, at the rate of (1 riyal) for each share owned by the shareholder, provided that the entitlement is for the shareholders who own the company’s shares at the end of trading on the day of the meeting. The Company’s Ordinary General Assembly (fifty-third) and those registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date, and the distribution date will be announced later. 6- Not approving the appointment of the company’s auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2023 AD, and the first quarter of the fiscal year 2024 AD and determine his fees. 7- Approval of the Board of Directors’ decision to appoint Mr. Rashid Sulaiman Al-Rasheed as an independent member of the Audit Committee, starting from the date of March 1, 2023 AD until the end of the current committee’s work period on April 30, 2024 AD, in place of the previous committee member, Mr. Khalid bin Abdulaziz Al-Hoshan (independent member). Provided that the appointment takes effect from the date of the recommendation decision issued on March 1, 2023 AD. 8- Approving the disbursement of an amount of (711,669 riyals) as an annual bonus for members of the Board of Directors for the fiscal year ending on 31/12/2022 AD. |
| Additional Information | The date of the next general assembly will be announced later to vote and approve the appointment of the company’s auditor from among the candidates. |