Methanol Chemicals Co. — AGM Information 2016

Mar 30, 2016

Methanol Chemicals Co. invites its shareholders to attend the Ordinary general assembly Meeting

2001 · 30/03/2016 15:49:32 · Announcement #41805 · View on Saudi Exchange

Methanol Chemicals Co. invites its shareholders to attend the Ordinary general assembly Meeting

The board of directors of Methanol Chemicals Co. is pleased to invite its shareholders owning 20 shares or more to attend Ordinary general assembly Meeting to be held in the Novotel Dammam on 28-04-2016 corresponding to 21-07-1437 at 16:00 to consider the following agenda:

1- To vote on the Board of Directors Report for the financial year 2015.

2- To vote on the Balance Sheet and Profit & Loss Account for the financial year ended on 31/12/2015.

3- To vote on the Auditors Report for the financial year ended on 31/12/2015.

4- To vote on the non-distribution of dividends for financial year 2015 to support the financial position of the Company and to enhance its strategic plans.

5-To vote on the transactions and contracts executed between the Company and related parties during the financial year ended on 31/12/2015 and to authorize such transactions and contracts for one more year. Such transactions and contracts are detailed below:

a- Purchase of spare parts from Yusuf Bin Ahmed Kanoo Co for SAR 57,847 represented by Mr Badr Bin Abdul Aziz Kanoo.

b- Purchase of chemical materials (formic acid) from Yusuf Bin Ahmed Kanoo Co. for SAR 349,024 represented by Mr Badr Bin Abdul Aziz Kanoo.

c- Inspection services for tanks from Yusuf Bin Ahmed Kanoo Co. for SAR 42,547 represented by Mr. Badr Bin Abdul Aziz Kanoo.

d- Purchase of air conditioning units from Zamil Cool Care Co. for SAR 79,790 represented by Mr. Suttam Bin Abdul Aziz Al-Zamil and Mr. Adil Bin Salih Al-Ghassab.

e- Inspection and maintenance services for Company plants by Zamil Inspection and Maintenance of Industrial Projects Co. for SAR 1,097,727 represented by Mr. Suttam Bin Abdul Aziz Al-Zamil and Mr. Adil Bin Salih Al-Ghassab.

f-Maintenance of air-conditioning units from Zamil Cool Care Co. for SAR 733,891 represented by Mr. Suttam Bin Abdul Aziz Al-Zamil and Mr. Adil Bin Salih Al Ghassab.

g- Purchase of spare parts from Zamil Holding Co. for SAR 8,167 represented by Mr. Suttam Bin Abdul Aziz Al-Zamil and Mr. Adil Bin Salih Al Ghassab.

6- To vote on releasing the members of the previous Board of Directors from their liabilities for the financial year ended on 31/12/2015 as of 01/01/2015 till the end of Board term on 11/11/2015.

7- To vote on releasing the members of the current Board of Directors from their liabilities for the financial year ended on 31/12/2015 as of 12/11/2015

8-To vote on the appointment of the Auditor and determination of their annual and quarterly fees for the financial Year 2016 based on the recommendation of the Audit Committee.

9- To vote on the appointment of Mr. Abdul Salam Bin Mazrou Al Mazrou as a Board member till 11 November 2018 to fill the vacant Board Seat left open by the resignation of Board member Mr. Sami Mohamed Jalal

The quorum necessary for the meeting to be in session should be attended by the shareholders representing 50% of the company's capital. Each shareholder owning 20 or more shall have the right to attend the general assembly meeting whether in person or by proxy, subject to presentation of corroborating evidence or a written power of attorney endorsed by the chamber of commerce authorizing another shareholder, other than the member of the board of directors or employees of the company, to attend the general assembly meeting on their behalf and it should be sent to Methanol Chemicals Company Novotel Business Park Dammam/ Khobar Highway P.O. Box 3139 Dammam 31471 c/o Secretary Board of Directors and delivered to the company prior 3 day of the meeting.

Contact details :Tel: 0138064566 - fax: 0138144678

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.