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Advanced Petrochemical Co. Proxy Solicitation & Information Statement 2017
53331_rns_2017-02-09_1987bafe-a477-4315-a8a2-57a3f66dd4a0.html
Proxy Solicitation & Information Statement
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ADVANCED PETROCHEMICAL COMPANY INVITES ITS SHAREHOLDERS TO ATTEND THE 7TH EXTRAORDINARY GENERAL ASSEMBLY MEETING (FIRST MEETING)
2330 · 09/02/2017 16:59:36 · Announcement #45551 · View on Saudi Exchange
ADVANCED PETROCHEMICAL COMPANY INVITES ITS SHAREHOLDERS TO ATTEND THE 7TH EXTRAORDINARY GENERAL ASSEMBLY MEETING (FIRST MEETING)
The Board of Directors of Advanced Petrochemical Company (Advanced) is pleased to invite its shareholders to attend the 7th Extraordinary General Assembly Meeting to be held in Dammam at Advanced Head Office (Gulf Road Dammam Corniche - SAMEC Building fifth floor) on March 7, 2017 corresponding to 08-06-1438 H at 6:30 P.M to discuss the following agenda:
1. To vote on the Board of Directors Report for the year ended 31-12-2016.
2. To vote on the Company consolidated financial statements for the year ended 31-12-2016.
3. To vote on the auditors report for the year ended 31-12-2016.
4. To vote on the distribution of cash dividend to shareholders for the fourth quarter of 2016 by Saudi Riyals 137.8 million representing 7% of the share capital, in addition to dividends which have been distributed based upon the recommendation of the Board of Directors for the previous three quarters of 2016 amounting to Saudi Riyals 373.9 million representing 21.5% of the share capital, bringing the total dividends distributed for the year ended 31-12-2016 to Saudi Riyals 511.7 million representing 28.5% of the share capital. Only shareholders registered in the Company shareholders records in Tadawul at the end of date of holding the 7th Extraordinary General Assembly shall be eligible to receive the dividend for the fourth quarter.
5. To vote on authorizing the Board of Directors to distribute interim cash dividends to the shareholders for the financial year 2017 and setting the record and payment dates according to the regulatory rules and procedures issued by the Capital Market Authority.
6. To vote on the recommendation of the Board of Directors to pay remuneration of Saudi Riyals 200,000 for each member of the Board of Directors for the year ended 31-12-2016.
7. To vote on Discharge of the members of the Board of Directors from liability for the year ended 31-12-2016.
8. To vote on the recommendation of the Board of Directors to appoint the external auditors to review and audit the quarterly and annual financial statements respectively and determine their remuneration for fiscal year 2017.
9. To Vote on amending the Company bylaws in accordance with the new Companies Law attached.
10. To Vote on the formation of the Audit Committee and to set its responsibilities guidelines rules and regulations and the remuneration of its members upon the proposal of the Board of Directors with effect from the date of the General Assembly and for a period of three years. Candidates to the membership of the Audit Committee are as follows CVs attached:
a) Mr. Abdulaziz A. Al Molhem Independent Director
b) Mr. Sultan. Al Solaiman Non Executive Director
c) Mr. Hisham Al Nasser a Non-Director
The quorum necessary for the meeting to be in session should be attended by the shareholders representing 50% of the Company capital. Each shareholder shall have the right to attend the Extraordinary General Assembly Meeting, whether in person or by a proxy, endorsed by the Chamber of Commerce or a bank, authorizing another person, other than a member of the Board of Directors or employees of the Company, to attend the Extraordinary General Assembly Meeting on their behalf and it should be sent to P.O box 11022, Jubail Industrial City before the meeting. The attending shareholders, whether in person or by proxy, should present their ID cards at the meeting. Contact details: Tel: 013-3566061 Fax: 013-3566005 or email: [email protected]
Attached Documents
The Capital Market Authority and Saudi 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.