Al-Samaani shareholders approve amending articles of association

Al-Samaani Factory for Metal Industries Co.’s shareholders approved amending the articles of association during the extraordinary general meeting (EGM) held on Oct. 29, 2020, the company said in a bourse statement.

Shareholders approved amending Articles 2 and 4 on the company’s name, acquisition and partnership, Article 5 on preferred shares and Article 6 on share buyback.

They also approved amending Article 46 on dividend distribution in addition to other amendments covering the board authorities, meetings, and quorum.

Shareholders also approved the board of directors’ decision to appoint Omar bin Abdulaziz Al-Zabin as an independent board member, as well as Abdullah Al Kobraish and Azzam Al Mufdi as new audit committee members. 

Meanwhile they approved the company’s list of governance, bylaws of nominations and remuneration committee, conflict of interest policy, board membership policies and disclosure and transparency procedures and policies.