06/05/2020

Tasnee Announces the Results of the 23 Ordinary General Assembly Meeting ( First Meeting )

TASNEE Board of Directors is pleased to declare the outcomes of the 23rd Ordinary General Assembly meeting (First Meeting) which was held at 22:15 hours, Tuesday, 5 May 2020 (12/9/1441H) at the Head Office of the Company in the city of Riyadh, with the quorum required for convention of the meeting was present at the (46.1% %) of the shares that represent the capital.

Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees
The meeting was attended by the members of the Board of Directors named hereinbelow:

  1. Eng/bMuarak Abdullah Al-Khafrah (Chairman of the Board)
  2. Dr. Talal Ali Al-Shair
  3. Dr. Nazih Hasan Naseef
  4. Engr/Talal Ibrahim Al-Maiman
  5. Mr. Mus’ab Saulaiman Al-Muhaideb
  6. Mr. Saud Sulaiman Al-Juhani
  7. Mr. Abdullatif Khalifah Al-Melhem
  8. Mr. Abdul-Rahman Sulaiman Al-Sayyari
  9. Mr. Bader Ali Al-Dakheel

Apologeze : Mr. Ibrahim Ali Al-Qadhi

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf

  1. Eng/Mubarak Abdullah Al-Khafrah (Chairman of the Executive Committee )
  2. Mr. Sami Abdul-Aziz Al-Sheneiber (Chairman of the Audit Committee)
  3. Mr. Saud Sulaiman Al-Juhani (Chairman of the Renumerations and Nominations Committee)

Voting Results on the Items of the General Assembly's Meeting Agenda's

  1. Approval of the Board of Directors’ report for the fiscal year ending on 31 December 2019.
  2. Approval of the auditor’s report for the fiscal year ending on 31 December 2019.
  3. Approval of the Company’s financial statements for the fiscal year ending on 31 December 2019.
  4. Approval of the appointment of the auditor Price Waterhouse Coopers firm (PWC) from among the candidates based on the recommendation of the Audit 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. Approval of 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-Shair 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. Approval of the business transactions and contracts concluded between the National Industrialization Company and the Board Member Dr. Talal Ali Al-Shair 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. Approbal of 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. Approval of 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. Approval of 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. Approval of the liability release of the Board of Directors members for the fiscal year ending on 31 December 2019.