Saudi Arabia Refineries Company (the “Company”) announces the signing of a non-binding Memorandum of Understanding with the Golden Compass Mining Services Company to acquire full equity in Golden Compass Mining Services Company by increasing the Company’s capital through the issuance of shares to the shareholders of Golden Compass Mining Services Company

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Saudi Arabia Refineries Company (the “Company”) announces that it has signed a non-binding memorandum of understanding (“MoU”) to acquire all shares of the shareholders in the Golden Compass Mining Services Company (together the “Shareholders”).

The MoU between the Company and the Golden Compass Mining Services Company is in connection with a share swap transaction of the Golden Compass Mining Services Company shares held by the Shareholders in exchange for the issuance of new shares in the Company to them by way of capital increase (the “Proposed Transaction”).

The parties have agreed on an initial valuation. The final value of the proposed transaction will be determined after completing the necessary studies and the due diligence process.

Saudi Arabia Refineries Company (the “Company”) announces the signing of a non-binding Memorandum of Understanding with the German Saudi Industrial Company to acquire full equity in German Saudi Industrial Company by increasing the Company’s capital through the issuance of shares to the shareholders of German Saudi Industrial Company

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Saudi Arabia Refineries Company (the “Company”) announces that it has signed a non-binding memorandum of understanding (“MoU”) to acquire all shares of the shareholders in the German Saudi Industrial Company (together the “Shareholders”).

The MoU between the Company and the German Saudi Industrial Company is in connection with a share swap transaction of the German Saudi Industrial Company shares held by the Shareholders in exchange for the issuance of new shares in the Company to them by way of capital increase (the “Proposed Transaction”).

The parties have agreed on an initial valuation. The final value of the proposed transaction will be determined after completing the necessary studies and the due diligence process.

Invites the Board of Directors of Saudi Arabian Refineries (SARCO) shareholders to attend the Extraordinary General Assembly Meeting (First meeting) By means of modern technology

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The Board of Directors of the Saudi Arabian Refineries Company (SARCO) is pleased to invite its valued shareholders to participate and vote in the Ordinary Non-General Assembly Meeting (First Meeting), which is scheduled to be held, God willing, at exactly six thirty in the evening on Wednesday 24/07/2024 AD corresponding to 18/01/1446 AH through modern technology.

 

Through modern technology – in the company’s – Jeddah

Login link: www.any-meeting.co

 

The right of attendance shall be for shareholders registered in the issuer’s shareholders register at the Depository Center at the end of the trading session preceding the general assembly meeting and in accordance with the rules and regulations, and the eligibility to register attendance for the assembly meeting ends at the time of the assembly meeting, and the eligibility to vote on the items of the assembly for those present ends when the counting committee finishes counting the votes.

 

According to Article (38) of the Company’s Articles of Association, the extraordinary general assembly shall not be valid unless attended by shareholders representing at least (50%) of the capital.

 

If the quorum is not available to hold the first meeting, the second meeting will be held an hour after the end of the period specified for the first meeting, and in all cases the second meeting shall be valid if a number of shareholders representing at least (25%) of the company’s capital are present.

  1. Voting on the amendment of the company’s bylaws to comply with the new Companies Law and rearrange the articles of the company’s bylaws and numbering to comply with the amendments proposed. (Attached)
  2. Voting on amending Article (3) of the company’s bylaws related to the objectives of the company. (Attached)
  3. Voting on amending Article (26) of the company’s bylaws related to the Chairman, Vice-Chairman, Managing Director, and Secretary Powers. (Attached)
  4. Voting on the amendment to the Audit Committee Regulations. (Attached)
  5. Voting on the amendment of the Remuneration and Nomination Committee Regulations. (Attached)
  6. Voting on the amendment to the Policy on Remuneration and Compensation of Board, Committees Members and Executives. (Attached)
  7. Voting on amending the list of standards and procedures specific for membership in the Board of Directors. (Attached)
  8. Voting on increasing the fees of the Company’s auditor (Deloitte) based on the recommendation of the Audit Committee for (additional audit work for the company in the amount of SAR 120,000).

Shareholders present have the right to discuss and vote on the topics on the agenda of the General Assembly through the Tadawulaty platform: WWW.TADAWULATY.COM.SA

Shareholders registered on the Tadawulaty services website will be able to vote remotely on the items of the General Assembly through the (electronic voting) service, which will start from one o’clock in the morning on Sunday 21/07/2024 corresponding to 15/01/1446 AH until the end of the time of the General Assembly, and registration and voting in Tadawulaty services will be available and free of charge for all shareholders using  the following link: WWW.TADAWULATY.COM.SA

In case of any inquiries about the items of the Assembly, please contact the Shareholders Relations Department, phone number 012-6517016, ext. 25, or e-mail ir@almasafi.com.sa

Saudi Arabian Refineries Company announces the results of the Ordinary General Assembly Meeting (Second Meeting)

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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.

Saudi Arabian Refineries Company (Sarco) International Trading Company announces the Commencement date of the electronic voting on the Agenda of its General Assembly Meeting (First Meeting) by means of modern technology (Reminder announcement).

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Element List Explanation
Announcement Detail With reference to the company’s announcement published on the Saudi stock exchange (Tadawul) on May 07, 2024 regarding the invitation to attend the General Assembly meeting (First Meeting), which is scheduled to be held by means of modern technology, God willing, at (19:00) pm on Tuesday 20/11/1445 corresponding to 28/05/2024.

Accordingly, Saudi Arabian Refineries Company (Sarco) would like to remind its respective shareholders that the electronic voting will be available on the agenda items of the General Assembly meeting, starting at 01: 00 AM on Saturday 17/11/1445 corresponding to 25/05/2024 Until the time the Assembly meeting ends. Please note that registration in Tadawulaty service and voting is provided free of charge for all shareholders using the following link: https://www.tadawulaty.com.sa

Saudi Arabia Refineries Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

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Element List Current Quarter Similar Quarter For Previous Year %Change Previous Quarter % Change
Sales/Revenue 266,674 29,069 817.382 8,254,086 -96.769
Gross Profit (Loss) 266,674 29,069 817.382 8,254,086 -96.769
Operational Profit (Loss) -413,251 -413,614 -0.087 4,995,381 –
Net profit (Loss) -599,096 -374,098 60.144 5,034,220 –
Total Comprehensive Income 13,811,845 45,088,682 -69.367 -18,947,036 –
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Current Period Similar Period For Previous Year %Change
Total Share Holders Equity (After Deducting the Minority Equity) 447,823,177 483,909,535 -7.457
Profit (Loss) per Share -0.04 -0.02
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Percentage Of The Capital (%) Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value – –
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason for the increase in sales revenue during the current quarter compared to the company’s share of associated companies’ profits through the current sectors (profits in the Arab Tank Terminals Company)
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the increase in net losses in the current quarter compared to the same quarter of the previous year is due to an increase in operating expenses and also an increase in the composition of the provision for zakat during this current quarter
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason for the decrease in sales/revenues during the current quarter compared to the previous quarter is due to the distribution of dividends from Saudi Industrial Investment Group Company in the previous quarter by SAR 7,597,240
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for the decrease in net profit in the current quarter compared to the previous quarter is due to the distribution of dividends from Saudi Industrial Investment Group Company in the previous quarter by SAR 7,597,240
Statement of the type of external auditor’s report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) N\A
Reclassification of Comparison Items N\A
Additional Information –

 

Saudi Arabia Refineries Co. Board invites its shareholders to attend the Ordinary General Assembly Meeting the ( First Meeting )

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Element List Explanation
Introduction The Board of Directors of the Saudi Arabian Refineries Company (SARCO) is pleased to invite its esteemed shareholders to participate and vote in the Ordinary General Assembly meeting (first meeting) scheduled to be held, God willing, at exactly seven o’clock in the evening on Tuesday 11/20/1445 AH corresponding to 05/28/2024 AD, through the following means: Modern technology using the Tadawulaty system (www.tadawulaty.com.sa).
City and Location of the General Assembly’s Meeting The company’s main location is Medina Road, Adham Commercial Building, via modern technology (remotely).
Hyperlink of the Meeting Location Click Here
Date of the General Assembly’s Meeting 2024-05-28 Corresponding to 1445-11-20
Time of the General Assembly’s Meeting 19:00
Methodology of Convening the General Assembly’s Meeting Via modern technology means
Attendance Eligibility, Registration Eligibility, and Voting End Each shareholder registered in the company’s shareholder register at the Depository Center has the right at the end of the trading session that precedes the General Assembly meeting and in accordance with the rules and regulations. Shareholders have the right to discuss the topics included in the General Assembly agenda and direct questions to the members of the Board of Directors.
Quorum for Convening the General Assembly’s Meeting According to Article (37) of the company’s bylaws, the assembly meeting is valid if it is attended by shareholders representing at least a quarter of the company’s capital. If a quorum is not reached for this meeting, a second meeting will be held an hour later and it will be valid regardless of the number of shares represented in it.
General Assembly Meeting Agenda 1- REVIEW AND DISCUSS THE BOARD OF DIRECTORS REPORT FOR THE FISCAL YEAR ENDING ON 31/12/2023.

2- REVIEW AND DISCUSS THE COMPANY’S FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDING 31/12/2023.

3- VOTINGON AND DISCUSSING THE COMPANIES AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDING 31/12/2023.

4- VOTE ON THE DISCHARGE THE MEMBERS OF THE BOARD OF DIRECTORS FROM LIABILITY FOR THE FISCAL YEAR ENDING 31 DECENBER 2023.

5- VOTEON THE APPOINTMENT OF THE COMPANY’S AUDITOR FRO MAMONG THE CANDIDATES, BASEDON THE AUDIT COMMITTEE’S RECOMMENDATION, TO EXAMINE, REVIEW AND AUDIT THE FINANCIAL STATEMENTS FOR Q2, ANNUAL STATEMENTS FOR THE FISCAL YEAR 2024, AND DETERMINING THEIR FEES.

6- VOTE ON THE RECOMMENDATION OF THE BOARD OF DIRECTORS NOT TO DISTRIBUTE CASH DIVIDENDS FOR THE FISCAL YEAR 2023.

7- VOTE ON THE DISBURSEMENT OF AMOUNT OF (766.665) SAUDI RIYALS AS A REWARD FOR THE MEMBERS OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR ENDING 2023.

8- VOTING ON DELEGATING THE ORDINARY GENERAL ASSEMBLY’S AUTHORIZATION POWERS STIPULATED IN PARAGRAPH (1) OF ARTICLE (27) OF THE COMPANIES LAW TO THE BOARD OF DIRECTORS FOR APERIOD OF ONE YEAR EFFECTIVE FROM THE DATE OF APPROVAL OF THE ORDINARY GENERAL ASSEMBLY OR UNTIL THE END OF THE TERM OF THE DELEGATE DBOARD, WHICHEVER IS EARLIER, PURSUANT TO THE TERMS MENTIONED IN THE IMPLEMENTING REGULATION OF THE COMPANIES LAW FOR LISTED JOINT STOCK COMPANIES.

9- VOTE ON AUTHORIZING THE BOARD OF DIRECTORS’ PROPOSAL TO DISTRIBUTE INTERIM DIVIDENDS ON A SEMI-ANNUAL OR QUARTERLY BASIS FOR THE YEAR 2024.
Proxy Form Proxy Form
The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right Shareholders have the right to discuss topics on the General Assembly agenda and direct questions to members of the Board of Directors.
Details of the electronic voting on the Assembly’s agenda Shareholders registered on the Tadawulati Services website can vote electronically remotely on the items of the Ordinary General Assembly meeting starting at 01:00 AM on Saturday 17/11/1445 AH corresponding to 25/05/2024 AD until the end of the meeting time, and registration and voting will be available on Tadawulati Services. Free for all contributors using the following link: https://login.tadawulaty.com.sa/ir/user/login.xhtml
Method of Communication in Case of Any Enquiries In the event of any inquiries, we hope to contact the Investor-Shareholder Relations Department via:

Investor-shareholder relations management

Saudi Arabian Refineries Company

Phone: 996126517016

Email ir@almasafi.com.sa

Company website www.almasafi.com.sa
Attached Documents Attached 1 – Attached 2

Saudi Arabian Refineries Company Sarco announces the formation of the Investment Committee

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Saudi Arabian Refineries Sarco announces the formation of members of the Investment Committee in accordance with the company’s Board of Directors Resolution. the committee was formed from the following gentlemen:
1- Mr. Mishal Abdel Rahman Al-Aokla (Independent- Board Member) Chairman.
2- Dr. Abdul Rahman Ahmed Al-Mufarreh (Executive Board Member) Committee Member.
3- Mr. Saeed Abdullah – Committee Member (Outside the Board).
4- Mr. Osama Al-Halbouni – Committee Member (Outside the Board).

Saudi Arabia Refineries Co. announces the board of director’s recommended to not distribute dividends for the year 2023

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Element List Explanation
Date of the board’s decision 2024-03-18 Corresponding to 1445-09-08
Reasons for Not Recommending Distribution For order to invest the available cash in the development of new projects that will strengthen the financial position of the company.
Additional Information This recommendation will be presented for voting during the next GAM of the company, which will be determined later after obtaining approval from the official authorities.

Saudi Arabia Refineries Co. announces its Annual Financial results for the period ending on 2023-12-31

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Element List 2022 2023 Change%
Sales/Revenue 34,354,174 15,599,125 -55
Total Profit (Loss) 34,354,174 15,599,125 -55
Operating profit (loss) 29,312,332 9,054,655 -69
Net Profit (Loss) After Zakat and Tax 28,230,062 7,701,643 -73
Total Comprehensive Income -113,213,965 10,190,479 109
Total shareholders’ equity (excluding minority interests) 438,820,853 434,011,332 -1.1
Earnings (loss) per share 1.88 0.51 All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Amount Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value – –

 

Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The reason for the decrease in revenues during the current year is 2023 compared to the last year 2022 is due to the amount of the volume of distributions made by the Saudi Industrial Investment Group, as the Saudi Group’s distributions for the year 2023 amounted to SAR 15,194,480 while the Saudi Group’s distributions for the year 2022 amounted to SAR 22,791,720 in addition to the distribution of profits for the second half of 2021 at the beginning of 2022 by SAR 11,395,860.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason of decrease in net profit during the current year 2023 compared to the last year 2022 is due to the amount of the volume of distributions made by the Saudi Industrial Investment Group, as the Saudi Group’s distributions for the year 2023 amounted to SAR 15,194,480 while the Saudi Group’s distributions for the year 2022 amounted to SAR 22,791,720 in addition to the distribution of profits for the second half of 2021 at the beginning of 2022 by SAR 11,395,860.
Statement of the type of external auditor’s report Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) There isn’t any
Reclassification of Comparison Items There isn’t any

 

Saudi Arabian Refineries Company Sarco announces the formation of the Audit Committee Members

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Element List Explanation
Introduction Saudi Arabian Refineries Sarco on Approved of the formation of audit committee for the new session, whose work begins on 01/25/2024 for a period of three years, to 01/24/2027, and the appointment the following members:

         Mr. Mishal Abdul Rahman Al-Aqla – Independent (Chairman of the Committee).

         Mr. Khaled Mohammed Al Hinaki – Independent

         Mr. Osama Suleiman Al-Sudais – Outside Board Member

 

Element List Explanation
Name of the designated member Mr. Mishal Abdul Rahman Al-Aqla (Chairman of Committee)
Membership start date 07/13/1445 01/25/2024 AD
A brief biography of the appointed member – Hold a Bachelor’s degree in Accounting from Umm Al-Qura University

– Hold a Master’s degree in Business Administration from Shippensburg University in the United States

– Held an executive position in the National Construction and Marketing Company, a listed joint stock company
Date of no objection from other official bodies not apply

 

Element List Explanation
Name of the designated member Mr. Osama Suleiman Al-Sudais – Outside Board Member
Membership start date 07/13/1445    0/25/2024 AD
A brief biography of the appointed member – Hold the Saudi SOCPA Fellowship.

– Hold the American Fellowship (CMA) in Management Accounting.

– Hold the American CPA Fellowship in Chartered Accounting.

– Working as a chartered accountant at AGN Al Sudais.

– Worked as a financial control manager at the Saudi Real Estate Company.

– Worked as Head of Financial Accounts at Amlak International Company.
Date of no objection from other official bodies not apply

 

Element List Explanation
Name of the designated member Mr. Khaled Mohammed Al-Hanaki (Member)
Membership start date 1445-06-19 الموافق 2024-01-01
A brief biography of the appointed member – Hold a Bachelor’s degree in Sociology from Imam Muhammad bin Saud University

– Worked as Secretary General of the Chamber of Commerce

– Worked as branch manager of the Qassim Chamber of Commerce
Date of no objection from other official bodies not apply

The Saudi Arabian Refineries Company (SARCO) announces the appointment of the Chairman of the Board of Directors, and deputy Chairman and executive management, and New Board committees for the session

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Element List Explanation
Introduction A reference to the results of the company’s ordinary general assembly meeting, which was announced in (Saudi Tadawul) on 01/28/2024, which includes the approval of the election of the Board of Directors for the new session, which begins on 01/25/2024 and ends on 01/24/2027. m for three years.

Accordingly, the members of the Board of Directors met on Tuesday, 07/18/1445, corresponding to 01/30/2024, to deliberate on the formation of the Board members, and the following decisions were taken:

 

First: Election of the Chairman of the Board of Directors and his deputy as follows: –

1- Appointment Dr. Obaid Saad Al-Subaie (Independent) as Chairman of the Board of Directors

2- Appointment Mr. Abdulaziz Abdulmohsen Al-Bakr (Independent) as Vice Chairman of the Board of Directors.

 

Second: Appointment Dr. Abdul Rahman Ahmed Al-Mufarreh (Executive) as CEO.

 

Third: Appointing Dr. Obaid Saad Al-Subaie and Dr. Abdul Rahman Ahmed Al-Mufarreh as the company’s representatives to the Capital Market Authority for all purposes related to the application of the Capital Market Law and its executive regulations.

 

Fourth: Approval of the formation of the Nominations and Remuneration Committee for the new session, which begins its work on 01/25/2024 for a period of three years, and ends on 01/24/2027, and to appoint the following members:

• Mr. Abdulaziz Abdulmohsen Al-Bakr Independent (Chairman of Committee)

• Mr. Fahd Mohammed Al-Habardi – Independent

• Mr. Khaled Muhammad Al-Hanaki – Independent

 

Fifth: Approved of the formation of the audit committee for the new session, whose work begins on 01/25/2024 for a period of three years, and ends on 01/24/2027, and the appointment of the following members:

•         Mr. Mishal Abdul Rahman Al-Aqla – Independent (Chairman of the Committee).

·         Mr. Khaled Mohammed Al Hinaki – Independent

•         Mr. Osama Suleiman Al-Sudais – Outside Board Member

Saudi Arabian Refineries Company’s announcement of the results of the ordinary General Assembly Meeting (Second Meeting (

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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 Thursday 07/13/1445 AH to 01/25/2024 AD at the Rotana Shaheen Hotel, Yanbu Hall 1, in person and via social media. Modern technology using the Tadawulaty system (www.tadawulaty.com.sa), where the quorum for the   second meeting was completed with an attendance rate of 17.50 %, as the quorum for the second meeting is the attendance of any Number of company shares.
City and Location of the General Assembly’s Meeting Jeddah – Medina Road, Rotana Shaheen Hotel, Yanbu Hall 1, Actual attendance and by modern technology (remotely)
Date of the General Assembly’s Meeting Thursday 07/13/1445 AH 01/25/2024
Time of the General Assembly’s Meeting 19:30
Attendance rate % 17.50
Names of the association’s board members present and absent

 

 Attended General Assembly Meeting was members Board of Directors by Modern technology (remotely) by following: –

1-     Mr. Yasser Sulaiman Al-Aqeel (Deputy Chairman Board of Directors)

2-     Eng. Abdul Rahman Ayed Al Dahasi (Member Board of Directors)
Names of the committee chairs attending the association or those appointed by its members 1-      Mr. Yasser Sulaiman Al-Aqeel (Chairman of Audit Committee)

2-      Eng. Abdul Rahman Ayed Al Dahasi (Chairman of the Nominations and Remuneration Committee and Chairman of the Social Responsibility Committee)
Voting results on the Assembly’s agenda

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 1-     Approved the dismissal of members of the current Board of Directors and the committees emanating from it based on the request submitted by each of (Ithra Holding Company, Manazel International Company, German Saudi Industrial Company, Fahd Thunayan Fahd Al Thunayan, Rashid Hamad Al-Musallam, Ibrahim Rashid Al-Rasheed, Ibtisam Abdullah Abdulaziz Al-Muaither , Fahd Saif Muhammad Al-Qahtani, Fawaz Muhammad Abdullah Al-Qahtani, Saad Ali Abdullah Al-Luhaidan, Khaled Abdullah Ibrahim Al-Mujil, Miteb Muhammad Al-Anzi, Muhammad Abdullah Marei Al-Qahtani, Muhammad Rashid Hamad Al-Musallam, Ali Misfer Saeed Al-Qahtani, Saad Muhammad bin Saad Al-Tamimi, Khaled Farraj Faraj Al-Anazi)  They own10% of the company’s capital, and the majority’s justifications (that the current board members have not developed the company’s business and are satisfied with the profits of the contributing companies and the repeated delay in announcing the financial statements according to the laws).

 

2-     Approved of the election of members of the Board of Directors from among the candidates for the next session, which begins on January 25, 2024 and ends on January 24, 2027, for a period of three years, where the following members were elected:

 

1-     Mr. Khaled Ahmed Al-Hamdan

2-     Mr. Abdul Aziz Abdul Mohsen Al-Bakr

3-     Mr. Fahd Muhammad Al-Habardi

4-     Dr. Abdul Rahman Ahmed Al-Mufarreh

5-     Dr. Obaid Saad Al-Subaie

6-     Mr. Mishal Abdul Rahman Al-Aqla

7-     Mr. Khaled Muhammad Al-Hanaki

8-     Mr. Nael Samir Fayez

 

 

3-     Not approved of disbursing a reward to deserving members of the Board of Directors of (7.5%) of the remaining profits for the financial year ending 12/31/2022 AD and an amount of (780,529) riyals according to the text of Article (51) of the company bylaws.

Announcement of Saudi Arabian Refineries Company about the results of the Ordinary General Assembly Meeting (Second Meeting):

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Element List  Explanation
Announcement Detail

Saudi Arabian Refineries Company (SARCO) is pleased to announce the results of the Ordinary General Assembly Meeting (Second Meeting), which was held on Wednesday, 30th August 2023, corresponding to 14th Dhu al-Hijjah 1445, through modern technology means using the Tadawulaty website (www.tadawulaty.com.sa). The meeting achieved a legal quorum with a attendance rate of 9.85%, as the legal quorum for the second meeting is the presence of any number of the company’s shares.

1. Approval of the appointment of Messrs. Al-Ayouti & Partners as the company’s auditors among the nominees, based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for the second and third quarters and the annual financial statements for the fiscal year 2023, as well as the first quarter of the fiscal year 2024, and to determine their fees.

2. Disapproval of the Board of Directors’ decision to appoint Mr. Abdulrahman bin Khaled Al-Sultan (an external board member) as a member of the Audit Committee starting from his appointment on July 26, 2023, until the end of the current committee’s term on April 30, 2024, replacing the previous committee member Mr. Basim bin Adnan Abu Al-Faraj (an independent member). This appointment shall be effective from the date of the recommendation issued on July 26, 2023, and is in accordance with the Audit Committee’s regulations.

Saudi Arabia Refineries Co. Announces (Sarco) announces that it was unable to publish its preliminary financial results for the six-month period ending on 30-06-2023 on the Saudi Stock Exchange (Tadawul) website at the specified time

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Element List  Explanation
Announcement Detail Saudi Arabian Refineries Company would like to announce to its esteemed shareholders that it will not be able to publish the financial statements for the six-month period ending on June 30, 2023 AD on the specified date, due to a matter beyond its control, which is the failure of the company’s general assembly, which was held on 22/6/2023 AD, to appoint an auditor. The company’s accounts are among the candidates, and the company has called for an upcoming general meeting to appoint the company’s auditor from among the candidates.
The company would also like to clarify that the procedures for suspending trading of listed securities will be applied in accordance with the listing rules approved by the Capital Market Authority Board Decision No. (1-10-2019) dated 05/24/1440 AH corresponding to 01/30/2019 AD and announced on the Tadawul website. On March 25, 2019 AD.

Saudi Arabia Refineries Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting through modern technology means

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Element List  Explanation
Introduction Board of Directors of the Saudi Arabian Refineries Company (Sarco) is pleased to invite its esteemed shareholders to participate and vote in the Ordinary General Assembly meeting (the first meeting) to be held, God willing, at 6:30 pm on Wednesday 14/02/1445 AH corresponding to 30/08/2023 AD through modern technology system (www.tadawulaty.com.sa)
City and Location of the General Assembly’s Meeting company headquarters, AlMadinah AlMunawwarah Road Adham Commercial Building by modern technology (remotely).
URL for the Meeting Location Tadawulaty System
Date of the General Assembly’s Meeting 2023-08-30 Corresponding to 1445-02-14
Time of the General Assembly’s Meeting 18:30
Attendance Eligibility  Each shareholder has the right to shareholders in the companys shareholders record at the Deposit Center at the end of the trading session that precedes the General Assembly meeting according to regulations and regulations, and shareholders have the right to discuss the topics listed in the agenda of the General Assembly and ask questions to members of the Board of Directors.
Each shareholder has the right to shareholders in the companys shareholders record at the Deposit Center at the end of the trading session that precedes the General Assembly meeting according to regulations and regulations, and shareholders have the right to discuss the topics listed in the agenda of the General Assembly and ask questions to members of the Board of Directors. The regular general assembly meeting is true if attended by shareholders representing at least a quarter of the capital and if the quorum is not available for this meeting the second meeting will be held an hour after the end of the period specified for the first meeting and the second meeting is correct whatever the number of shares represented in it .
General Assembly Meeting Agenda 1- To vote on appointing the companys auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the companys financial statements for the second and third quarters and the annual financial statements for the fiscal year 2023 AD and the first quarter of the fiscal year 2024 AD and determine his fees.
2- To vote on the decision of the Board of Directors to appoint Mr. Abdul Rahman bin Khaled Al-Sultan (a member from outside the board) as a member of the Audit Committee, starting from the date of his appointment on July 26, 2023 AD until the end of the current committees work period on April 30, 2024 AD, in place of the previous committee member, Mr. Basem Bin Adnan Abu Al-Faraj (independent member), provided that the appointment takes effect from the date of the recommendation decision issued on July 26, 2023 AD, and this appointment comes in accordance with the Audit Committee work regulations. (CV attached)
Proxy Form  Proxy Form
The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right. (Mentioning the E-Voting details, if any) Shareholders can vote remotely on the agenda of the Ordinary General Assembly, through the electronic voting service, by visiting the website of the Tadawulaty system: www.tadawulaty.com.sa
Note that registration in the service and voting is available free of charge to all shareholders, as electronic voting will begin on Sunday, Safar 11, 1445 AH, corresponding to August 27, 2023 AD at (1:00) in the morning, and voting ends at the end of the time of the assembly.
Eligibility for Attendance Registration and Voting  Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes
Method of Communication In the event of any inquiry, we hope to communicate with the investor- shareholders relationships management through:
Administration of investor – shareholders relationshipsSaudi Arabian Refineries CompanyPhone 966126517016Email ir@almasafi.com.saWebsite www.almasafi.com.sa (contact us)
Attached Documents  Attached Documents

Saudi Arabia Refineries Co. Announces Appointment Audit Committee Member

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Element List  Explanation
Introduction Saudi Arabian Refineries Company – Sarco announces the appointment of Mr. Abdul Rahman Khaled Al-Sultan as an independent member of the Audit Committee (a member from outside the board) as of 26/07/2023 AD until the end of the current session on 30/04/2024 AD, in the minutes of the Board of Directors issued By circulation on 01/08/1445 AH corresponding to 26/07/2023 AD, provided that this appointment is presented to the first meeting of the company’s general assembly for approval.
Appointed Member Name Abdul Rahman Khaled Al-Sultan
Membership Start Date 2023-07-26 Corresponding to 1445-01-08
Brief Resume of the Appointed Member Mr. Abdul Rahman Khaled Al-Sultan has experience in risk management, auditing and internal control, and a member of the Audit Committee in several companies. He currently occupies the position of Director of the Internal Audit Unit at the National Center for Events. The Board of Directors welcomes his membership in the Audit Committee. We are grateful to him for success in his new duties and responsibilities.
Date of Board Meeting in which Appointed New Member(s) were Appointed 2023-07-26 Corresponding to 1445-01-08
Additional Information The approval of the Board is not final, and this appointment will be presented to the first meeting of the General Assembly for approval.

Saudi Arabian Refineries Company (Sarco) announces the date and method of distributing dividends to shareholders for the year 2022

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Element List Explanation
Announcement Detail Referring to the announcement of the Saudi Arabian Refineries Company (Sarco) on 14/12/1444 AH corresponding to 02/07/2023 AD of the results of the Ordinary General Assembly meeting (the second meeting) regarding the Assembly’s approval of distributing cash dividends to shareholders for the year 2022 AD with a total amount of (15,000,000) riyals at a rate of (10%) of the company’s capital at (1 riyal) for each share owned by the shareholder. The company is pleased to announce to its shareholders that the dividends will be distributed on Wednesday 01/01/1445 AH corresponding to 19/07/2023 AD, by direct transfer to the bank accounts linked to the investment portfolios To the shareholders, knowing that the eligibility for the dividends was for the shareholders who own the shares at the end of trading on Thursday 04/12/1444 AH corresponding to 22/06/2023 AD (the due date), and who are registered in the company’s shareholder register at the Securities Depository Center (Edaa) at the end of the second trading day following due date.

The company’s management requests its esteemed shareholders to update their bank data with banks to ensure that profits are deposited in their accounts. In the event of any inquiries, please contact the company’s shareholder relations on phone number 0126517016 or email ir@almasafi.com.sa

The company would also like its esteemed shareholders, holders of certificates, to quickly deposit them in their investment portfolios or to review the company’s shareholder relations.

Saudi Arabia Refineries Co. Announces the Results of the Ordinary General Assembly Meeting, ( Second Meeting )

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Element List 

Explanation
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.

Saudi Arabia Refineries Co. Announces Resignation Audit Committee Member

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Element List Explanation
Introduction Saudi Arabian Refineries Company – Sarco announces the resignation of a member of the Audit Committee, Mr. Bassem Adnan Abu Al-Faraj, who submitted his resignation from the membership of the Audit Committee (an independent member from outside the board) on 19/06/2023 AD, for the following reasons :

1- Attempting to influence and direct implicitly and repeatedly to adopt unprofessional decisions that do not serve the interest of the company, including, for example, contracting with a company to play the role of internal auditor at a higher price than other applicants, despite the presence of those who are lower in price and better technically in the field, and when they start their work, weakness is revealed Professionally submitted reports.

2- The lack of professionalism of some of the reports issued by the committee.

The resignation was accepted according to the minutes of the Board of Directors issued by circulation on 21/06/2023 AD, provided that this resignation takes effect from its date and after verifying the validity of the submitted resignation.

 

The members of the Board of Directors of the Saudi Arabian Refineries Company Sarco extend their thanks and appreciation to Mr. Basem Adnan Abu Al-Faraj for his efforts and effective contribution during his tenure as a member of the Audit Committee during the last period, wishing him success.

 

The Board of Directors will appoint a member in the vacant position before the end of the current session of the Committee, according to the followed procedure, as soon as possible, so that the formation of the Committee is in line with the requirements of the relevant statutory articles in terms of the minimum number of members of the Audit Committee (three members), provided that an announcement is made at a later time. For the name of the appointed member in accordance with the requirements of the relevant regulations and instructions
Name of Resigning Member Basem Adnan Abu Al-Faraj
Reasons for Resignation 1- Attempting to influence and direct implicitly and repeatedly to adopt unprofessional decisions that do not serve the interest of the company, including, for example, contracting with a company to play the role of internal auditor at a higher price than other applicants, despite the presence of those who are lower in price and better technically in the field, and when they start their work, weakness is revealed Professionally submitted reports.

 

2- The lack of professionalism of some of the reports issued by the committee.

The Board of Directors will ascertain the reasons for the submitted resignation.