Alujain Corporation announces that the 17th Ordinary General Assembly meeting (second session) was held this afternoon and approved the following resolutions with almost 100% vote:
1.Ratification of the Board of Directors resolutions and the actions of the Chairman of the Board of Directors for re-transfer of Alfasel Project, including its assets and liabilities, feedstock allocations along with all other allocations, to National Petrochemical Industrial Company (NATPET) for implementation as an integrated project under the umbrella of NATPET (in which Alujain holds an equity of 37%, while some members of the Board of Directors hold an equity of 1.094%), as requested by Saudi Industrial Development Fund and the lending banks as a condition for the financing which has been already contracted for. Those directors will abstain from voting on the resolution.
2.Approval to the Board of Directors Report for the financial year ended 31st December 2005.
3.Approval to the financial statements for the year ended 31st December 2005 and the External Auditors report thereon.
4.Approval to the appointment of Messrs. Sami E. Farah, Abdulhamid M. Bushnaq & Partner as External Auditors for the company accounts for 2006, including quarterly financial statements, closing accounts and zakat services, in consideration of a fee of SR75,000, from amongst auditing firms recommended by the Audit Committee.
5.Absolving members of the Board of Directors of their responsibilities for managing the company during the financial year ended 31st December 2006
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