Methanol Chemicals Company has announced that the company held its Ordinary general assembly meeting in the Le Meridian Hotel in khobar on 10-05-2015 corresponding to 21-07-1436 at 16:00. All resolutions of the meeting are as follows:
1) Approval of the Board of Directors Report for the year ended December 31, 2014
2 )Approval of the financial statements profit & loss account and the Auditors Report for the financial year ended on 31/12/2014
3 )Approval of the Board of Directors recommendation not to distribute dividends for the financial year ended on 31/12/2014 to support the financial position of the Company and to enhance its strategic plans.
4 )Approval of transactions and contracts concluded between the Company and related parties during the year ended December 31, 2014 as per the Company Procurement Standards as follow
a)Purchase of spare parts from Yusuf Bin Ahmed Kanoo Co. for SAR 272,359 (represented in the Board of Directors by Mr. Badr Abdul Aziz Kanoo and Mr. Mishaal Ali Kanoo).
b)Purchase of formic acid from Yusuf Bin Ahmed Kanoo Co. for SAR 132,176 (represented in the Board of Directors by Mr. Badr Abdul Aziz Kanoo and Mr. Mishaal Ali Kanoo).
c)Inspection services for tanks from Yusuf Bin Ahmed Kanoo Co. for SAR 27,322 (represented in the Board of Directors by Mr. Badr Abdul Aziz Kanoo and Mr. Mishaal Ali Kanoo).
d )Purchase of air-conditioning units from Zamil Cool Care Co. for SAR 593,980 (represented in the Board of Directors by Mr Khaled Bin Abdullah Al- Al-Zamil and Adib Bin Abdullah Al- Al-Zamil).
e )Inspection and maintenance services for Company plants by Zamil Inspection and Maintenance of Industrial Projects Co. for SAR 524,878 (represented in the Board of Directors by Mr Khaled Bin Abdullah Al Al Zamil and Adib Bin Abdullah Al Al Zamil).
f)Purchase spare parts from Zamil Holding Co. for SAR 3,458 (represented in the Board of Directors by Mr Khaled Bin Abdullah Al- Al-Zamil and Adib Bin Abdullah Al- Al-Zamil).
5) Release the Members of the Board of Directors from liability for their activities during the financial year ended on 31/12/2014.
6) Approval of the recommendation of the Audit Committee on the selection of Messrs/ BDO Mohamed Al-Amri as external auditor to audit the company accounts for the year 2015 for an annual fees of SAR 200,000 (SAR 50,000 for quarter review and SAR 150,000 for annual financial statements).
7 )Approval of the following elected Board members for the new three-year period starting from 12/11/2015
1 )Suttam Abdul Aziz Al Zamil.
2 )Badr Abdul Aziz Kanoo.
3 )Sami Abdul Aziz Al Sowayegh.
4 )Mohamed Farhan Al Nadir.
5)Hamad Mohamed H AlMana
6)Sami Mohamed Jalal.
7 )Yasir Abdul Rahman Al Lihaidan.
8 )Adil Salih Al Ghassab.
9)Abdullah Ali Al-Sana.
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