Tasnee 21st Extraordinary General Assembly Meeting approves all Agenda’s Items

Tasnee 21th Extraordinary General Assembly has approved all items on the agenda of its meeting which was held at 20:00 on 18/04/2024 remotely via modern technology, after completed the quorum required for convention of the meeting where (42.39%) of the Company’s share capital were present. 

The meeting was attended by the following Board members:

1. Mubarak Abdullah Al Khafrah (Chairman)
2. Talal Ibrahim Al Maiman (Vice Chairman)
3. Musaab Sulaiman Al Muhaidib
4. Saud Sulaiman Al Juhani
5. Abdulrahman Sulaiman Al Sayyari
6. Bader Ali Al Dakhil
7. Mutlaq Hamad Al Morished
8. Fahad Abdulrahman Al Mishal
9. Ahmed Naja Al Theabi

The Board member Eng. Abdullatif Khalifah Al Mulhem didn’t attend the meeting.

The meeting was attended by the following Committees’ Chairmen:

1. Mubarak Abdullah Al Khafrah (Chairman of Executive Committee)
2. Sami Abdulaziz Al Sheneiber (Chairman of Audit Committee)
3. Abdulrahman Sulaiman Al Sayyari (Chairman of Nomination and Renumeration Committee)
4. Saud Sulaiman Al Juhani (Chairman of Risk and Governance Committee

Voting Results on the Items of the General Assembly’s Meeting Agenda:

1. Reviewing and discussing the Board’s report for the fiscal year ending on 31/12/2023.
2. Reviewing and discussing the Company’s financial statements for the fiscal year ending on 31/12/2023.
3. Approving the auditor’s report on the Company’s accounts for the fiscal year ending on 31/12/2023 after discussion.
4. Approving the appointment of the external auditor, based on the recommendation of the Audit Committee; to examine, review and audit the financial statements for the second and third quarters as well as the annual statements for the fiscal year 2024 and for the first quarter of the year 2025, and to determine the auditor’s fees.
5. Approving the business and contracts concluded between National Industrialization Petrochemicals Marketing Co. (TASNEE subsidiary company) and Non-Woven Industrial Fabrics Company, which is a subsidiary of Al-Khafrah Holding Company in which the Chairman of the Board Eng. Mubarak Abdullah Al-Khafrah has a direct interest. The transactions include various purchase orders for polypropylene materials. The total purchase during the fiscal year 2023 amounted to SAR 13,903,993.13 and there are no preferential conditions (attached).
6. Approving the amendments of the Article of Association of the company in compliance with the new Company’s Law issued on 01/12/1443 H corresponding to 30/06/2022 Georgian.
7. Approving the amendment of Article (2) of the company’s bylaws, related to the Activities of the company.
8. Approving the amendment of Article (14) of the company’s bylaws, related to the Meetings of the Board of Managers.
9. Approving the deletion of Article (17) of the company’s bylaws, related to the Audit Committee.
10. Approving the amendment of Article (19) of the company’s bylaws, related to the Company’s Accounts and Distribution of Dividends.
11. Approving the amendments of the Audit Committee Charter.
12. Approving the amendments of the Nomination & Remuneration Committee Charter.
13. Approving amendments of the Board membership policy and procedures
14. Voting on the amendments of the Remuneration Policy.
15. Approving on paying an amount of SAR 3,500,000 as remuneration to the Board members for the fiscal year ending on 31/12/2023.
16. Approving the discharge of the members of the Board of Directors for the fiscal year ended 31/12/2023.
17. Approving transferring the balance of (905,328,800) Saudi riyals from the statutory reserve, as shown in the financial statements for the fiscal year ending on December 31, 2023, to the retained earnings account.