Sipchem EGM to vote on SAR 2.1B statutory reserve transfer on May 21

Logo of Sahara International Petrochemical Co. (Sipchem)

Sahara International Petrochemical Co.’s (Sipchem) shareholders will vote on transferring the company's statutory reserve amounting to SAR 2.09 billion, as per the financial statements for the FY ended Dec. 31, 2023, to retained earnings in an extraordinary general meeting (EGM) to be held on May 21.

Shareholders will also vote on extending the maximum period within which the company may hold the 8.21 million treasury shares, as approved earlier by the company’s EGM for another 10 years starting from the EGM approval date. Upon the expiry of this period, Sipchem will comply with the procedures and controls stipulated in the applicable regulations, according to a statement to Tadawul.

Other agenda items include authorizing the board of directors to distribute interim dividends semiannually or quarterly basis for 2024.