National Industrialization Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting
| Element List | Explanation |
|---|---|
| Introduction | TASNEE Board of Directors is pleased to convene the shareholders to participate and vote in the 23rd Ordinary General Assembly meeting (First Meeting) through state of the art technology using the TADAWULATY System, pursuant to the Capital Market Authority’s resolution dated 16 March 2020 (21/07/1441H) which stated that assembly meetings of the listed joint stock companies shall be held using means of remote state of the art technology, and that their personal attendance shall be suspended until further notice. This approach shall ensure safety of the traders in the Capital Market and shall support efforts of the precautionary and protective measures imposed by the competent authorities which all have the goal of fighting the COVID-19. |
| City and Location of the General Assembly's Meeting | The Head Office of TASNEE in the city of Riyadh- Business Gate, Building C3, Qurtuba District, Eastern Ring Road. |
| URL for the Meeting Location | https://goo.gl/maps/VXq9o4dhC1B2 |
| Date of the General Assembly's Meeting | 2020-05-05 Corresponding to 1441-09-12 |
| Time of the General Assembly's Meeting | 10:15 |
| Attendance Eligibility | Each shareholder registered in the Company’s Shareholders Register held with the Deposit Center at the end of the trading session that precedes the assembly meeting shall have the right to sign in the electronic attendance and to vote using the TADAWULATY System in the Assembly’s meetings according to the relevant regulations and rules. |
| Quorum for Convening the General Assembly's Meeting | The ordinary general assembly meeting shall be deemed to be validly held if shareholders who represent at least one quarter (25%) of the capital are present. If the quorum needed for convening this meeting is not present, the second meeting shall be convened one hour after elapse of the period designated for convening the fist meeting. The second meeting shall be deemed validly held regardless of the number of shares represented therein. |
| General Assembly Meeting Agenda | 1-Voting on the Board of Directors’ report for the fiscal year ending on 31 December 2019. |
2- Voting on the auditor’s report for the fiscal year ending on 31 December 2019.
3- Voting on the Company’s financial statements for the fiscal year ending on 31 December 2019.
4-Voting on the appointment of the auditor from among the candidates based on the recommendation of the Auditing Committee. The purpose is to examine, review and audit the financial statements for the second and third quarters as well as the annual statements for the fiscal year 2020 and for the first quarter of the year 2021, and to determine the auditor’s fees.
5-Voting on the business transactions and contracts concluded between the Saudi Ethylene and Polyethylene Company (A TASNEE subsidiary company) and the Converting Industries Company Ltd. an affiliate of Al-Shaer Trading, Industry and Contracting Company in which the Board Member Dr. Talal Ali Al-Shaer has a direct interest. The transactions include various purchase orders for polyethylene and polypropylene materials. The total purchase during the fiscal year ending on 31 December 2019 amounted to SAR 24,438,443. There were no favored conditions. (Attachment)
6-Voting on the business transactions and contracts concluded between the National Industrialization Company and the Board Member Dr. Talal Ali Al-Shaer on 1 October 2019 in which the Board Member Dr. Talal Ali Al-Shaer has a direct interest. The Company signed a Technical Services Agreement with him for the provision of technical services for one year that shall be automatically renewed for similar periods each time. The services fee value is SAR 125,000 that shall be paid at the end of each Gregorian month throughout the effective duration of the Agreement. There were no favored conditions. (Attachment)
7-Voting on the business transactions and contracts concluded between the National Industrialization Company (TASNEE) and the Banque Saud Fransi for credit facilities agreement in a total amount of SAR 150 million which represents an indirect interest for the Board Member Dr. Talal Ibrahim Al-Maiman, as he occupies the board memberships in TASNEE and the Banque Saudi Fransi at the same time. The agreement shall expire in December 2023. There were no favored conditions. (Attachment)
8-Voting on the business transactions and contracts concluded between the National Industrialization Company (TASNEE) and the Banque Saud Fransi for Sukuk Refinancing Agreement in a total amount of SAR 2 billion, which represents an indirect interest for the Board Member Dr. Talal Ibrahim Al-Maiman, as he occupies the board memberships in TASNEE and the Banque Saudi Fransi at the same time. The agreement shall expire in May 2026. There were no favored conditions. (Attachment)
9-Voting on disbursement of an amount of SAR 350,000 as an award for the Board of Directors members for the fiscal year ending on 31 December 2019.
10-Voting on acquittance/release of the Board of Directors members for the fiscal year ending on 31 December 2019.
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.