The 12th Ordinary General Assembly Meeting of Advanced Petrochemical Company (Advanced) was held on March 18, 2018 corresponding to 01-07-1439 H at 18:30 at Advanced Head Office after fulfilling the required quorum with the participation of shareholders representing 36.31% of the Company capital through personal and proxy attendance in addition to electronic voting. The shareholders voted and resolved all the items on the agenda as follows:
1. Approve the Board of Directors Report for the year ended 31-12-2017.
2. Approve the Company consolidated financial statements for the year ended 31-12-2017.
3. Approve the auditor report for the year ended 31-12-2017.
4. Approve the distribution of cash dividend for the fourth quarter of 2017 of Saudi Riyals 0.70 per share totaling Saudi Riyals 137.8 million representing 7% of the share capital, in addition to dividends which have been distributed based upon the recommendation of the Board of Directors for the previous three quarters of 2017 amounting to Saudi Riyals 413.3 million representing 21% of the share capital, bringing the total dividends distributed for the year ended 31-12-2017 to Saudi Riyals 551 million representing 28% of the share capital. Shareholders registered in the register of the Securities Depository Center at the end of 2nd trading day after March 18, 2018 will be entitled to receive the dividend for the fourth quarter of 2017.
5. Authorize the Board of Directors to distribute interim cash dividends to the shareholders for the financial year 2018 on biannual or quarterly basis and setting the record and payment dates according to the regulatory rules and procedures issued by the Capital Market Authority.
6. Approve the recommendation of the Board of Directors on the remuneration of Saudi Riyals 200,000 for each member of the Board of Directors for the year ended 31-12-2017.
7. Approve to discharge the members of the Board of Directors from liability for the year ended 31-12-2017.
8. Approve the appointment of Ernst & Young as statutory auditors for the year 2018 to review and audit quarterly and annual financial statements respectively and fixed their remuneration.
9. Approve the amendment of Article (5) paragraph (3/7) of the updated Policies, Standards & Procedures for the Membership of the Board of Directors.
Kindly note that the dividend for Q4 2017 will be deposited in the shareholders accounts starting from Wednesday 4th April 2018.
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