The Board of Directors of Methanol Chemicals Company has approved on March 25, 2014 the recommendation to Shareholders General Assembly to amend Article (3) of the Company Articles of Association related to the Company Objectives which stated that :
The objective for which the Company is formed is to produce and market the following materials:
Liquid Formaldehyde & liquid Urea Formaldehyde or their combination with different concentrations , Para Formaldehyde , Formaldehyde Resins Liquid & Powder , Hexamethylene Tetramine (Hexamine) , Phenol Formaldehyde Resins , Super plasticizers , Methanol , Carbon Monoxide , Monomethylamine, Dimethylamine & Trimethylamine , Dimethyl Formamide , Dimethyl Carbonate ,Pentaerythritol , Sodium Formate , Acetaldehyde.
The Company shall operate its activities after obtaining the necessary licenses from the competent authorities.
Article 3 after amended as follow :
The objective for which the Company is formed is to produce and market the following materials:
- Liquid Formaldehyde & liquid Urea Formaldehyde or their combination with different concentrations, Para Formaldehyde , Formaldehyde Resins Liquid & Powder , Hexamethylene Tetramine (Hexamine) , Phenol Formaldehyde Resins , Super plasticizers , Methanol & Methanol based Derivatives , Carbon Monoxide , Monomethylamine, Dimethylamine & Trimethylamine , Dimethyl Formamide , Dimethyl Carbonate , Pentaerythritol , Sodium Formate , Acetaldehyde , Ammonia , , Monomethylamine, Dimethylamine, Trimethylamine & their Derivatives , Propane based Derivatives , Specialty Chemicals products , Petroleum Products & Petroleum based Derivatives
The Company shall operate its activities after obtaining the necessary licenses from the competent authorities.
The Board has also recommended to amend Article (4) of the Articles of Association related to Participation with Others which stated that The Company shall have the right to execute and achieve its objectives inside and outside the Kingdom of Saudi Arabia including free zones after obtaining the necessary licenses from the competent authorities. The Company may have also an interest or may participate in any manner with individuals, establishments or companies carrying out similar businesses or those which may help it in achieving its objectives. It may also have the right to own stock and shares in the said companies or merge with or buy such companies provided that such transaction shall not exceed 20% of its free reserve and 10% of the capital of the company participated in. in such case, the total sum of the said participation shall not exceed the value of these reserves and the Ordinary General Assembly shall be notified therewith at its first following meeting .
article 4 amended to : The Company shall have the right to execute and achieve its objectives inside and outside the Kingdom of Saudi Arabia including free zones after obtaining the necessary licenses from the competent authorities. The Company may have also an interest or may participate in any manner with individuals, establishments or companies carrying out similar businesses or those which may help it in achieving its objectives. It may also have the right to own stock and shares in the said companies or merge with or buy such companies which the Ordinary General Assembly shall be notified therewith at its first following meeting. These amendments are in line with the Company strategies and the aspirations of its shareholders. The Company will announce the Shareholders General Assembly Resolution regarding the above mentioned amendments along with the outcomes of the Extraordinary General Assembly meeting which will be held later upon obtaining the necessary approvals.
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