The Board of Directors of Methanol Chemicals Company is pleased to announce the decisions made during its Fourth Ordinary General Assembly Meeting (Second Meeting) held on Saturday, 17/06/1434 H. corresponding to 27/04/2013 at NOVOTEL DAMMAM Hotel (Dammam Khobar High way) in Dammam, after completing the legal quorum. The following items were approved by majority of attending shareholders
1-Approval of the Board of Directors Report for the year ended December 31, 2012.
2-Approval of the financial statements and the external auditors report for the year ended December 31, 2012.
3-Approval to distribute cash dividend for the fiscal year ending 31/12/2012 as per recommendation of the Board of Directors in the amount of SAR 0.50 per share equal to 5% of the paid-up capital amounting to SAR 60.3 million . Dividends for 2012 will be paid to the shareholders of record at Tadawul at close of business on the date of the General Assembly Meeting corresponding 27th April, 2013. Regarding the date and manner of payment of dividends will be announced later
4-Approval for all transactions that will be concluded between the company and related parties according to pursuant conditions with all customers during fiscal year ending 31/12/2012 as follow :
i-Purchasing spare parts from Yusuf Bin Ahmed Kanoo company Amounting SAR 80,087 ( Representative by Mr. Bader Kanoo & Mr.Mishaal Kanoo in Chemanol Board )
ii-Purchasing Cationic Exchange Resin from Yusuf Bin Ahmed Kanoo company Amounting SAR 95,625 ( Representative by Mr. Bader Kanoo & Mr.Mishaal Kanoo in Chemanol Board )
iii-Purchasing Formic Acid from Yusuf Bin Ahmed Kanoo company Amounting SAR 2,561,615 ( Representative by Mr. Bader Kanoo & Mr.Mishaal Kanoo in Chemanol Board )
iv-Service Agreement with Zamil Cool Care regarding AC Equipment & Maintenance amounting SAR 996,299 (one of Zamil holding company affiliates which represented by Mr. Khalid Al Zamil & Mr.Adib Al Zamil in Chemanol Board )
v-Purchasing spare parts from Zamil holding company amounting SAR 50,000 (Representative by Mr. Khalid Al Zamil & Mr.Adib Al Zamil in Chemanol Board in Chemanol Board ) (continuation)
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