Savola Group — Board/Management Information 2016

Jan 20, 2016

Savola Group announces the opening of nomination for the Board of Directors membership for the new office term

2050 · 20/01/2016 15:33:30 · Announcement #40884 · View on Saudi Exchange

Savola Group announces the opening of nomination for the Board of Directors membership for the new office term

The Savola Group is pleased to announce to its shareholders, the opening of nomination for the Board of Directors membership for the next office term starting as of 01 July 2016 (for three years period) as the current Board membership office term will be ended on 30 June 2016. The new Board members will be elected in the next General Assembly meeting, which will be announced later after securing the necessary approvals from the concerned authorities.

Accordingly, shareholders who wish to nominate themselves for the Board of Directors membership and who hold shares of at least SAR 10,000 nominal value, can submit a nomination request to the company Board Secretary no later than end of business day Thursday 11 February 2016. The nomination request should fulfill the conditions required by the Ministry of Commerce and Industry circular No. (222/9362/3245) dated 18/06/1412 H, and the Circular No. (222/205/3800) dated 26/12/1420 H, and the Form attached to it. Along with the criteria for Board membership that was approved by the Extraordinary General Assembly Meeting for Savola Group held on 25th March 2008 that incudes the following key criteria and pre-requisites:

1. The nominee shall not be previously convicted of dishonor or dishonesty crime.

2. The nominee shall not be a board member of more than 5 joint stock companies at the same time.

3. Submitting a list of all companies and institutions that the nominee participates in their management or ownership and works in similar activates of the company.

4. The details of the nominee should include (CV, qualifications and experience in the area of the Company's business).

5. The nominee shall has sufficient time that enable him to participate effectively in the Board activities.

6. Submitting a list of his previous membership of the boards of joint stock companies of which the nominee has been a member.

7. Names of joint stock company or companies in which the nominee still acts as a member of its Board of Directors.

8. Any nominee who was a previous Savola board member, shall enclose with the nomination request a statement from the company management on the last office term in which he was a board member including the flowing information:

a) The number of board meetings held in each year of the office term years.

b) The standing committees in which the member participated, the number of meetings held by each committee per year within the office term period, the number of meetings attended and the percentage of his attendance against the total meetings.

c) Summary of the financial results achieved by the company during each year of office term.

9. Complete Form No. 3 (CV of a nominee for membership of the Board of Directors) issued by the Capital Market Authority (CMA), which can be found in the CMA website.

10. Attach with the nomination request sign by the nominee a clear and valid copy of his national identity, family card and passport and contact numbers for nominee.

It is worth to mention that the Group's Compensation, Nomination and CG Committee will ensure that all nominees fulfill all the requirements and criteria indicated above. In addition, to the compliance with the CG regulations with regard to the classification of the Board members by taking into consideration the independents members shall not be less than one third of the total number and the majority shall be non-executives. The vote in the General Assembly will be limited to those who nominated themselves in accordance with above-mentioned criteria and requirements, however, the normal/ordinary voting method will be used to elect the Board members for the new term during the upcoming general assembly.

Nomination documents to be delivered to the Savola Group headquarters to mailing address as follow:

Savola Group , 2444 Taha Kusaifan-Ashati

Unit No. 15 , Jeddah 23511-7333

Ashati District, Jeddah, Prince Faisal Bin Fahd Road, or the following:

TIsmail@savola.com

Addressed to (The Board Secretary).

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.