Advanced to discuss transferring SAR 81.5 mln from consensual reserve to retained earnings on Sept. 27

Advanced Petrochemical Co.’s shareholders will vote on forming the audit committee and determining its duties, roles and remunerations for the new three-year term starting Oct. 1, during the ordinary general meeting (OGM) to be held on Sept. 27.

The ordinary general meeting of Advanced Petrochemical Co., to be held on Sept. 27, will vote on the board of directors’ recommendation to transfer SAR 81.54 million from the consensual reserve amounting to SAR 81.54 million as stated in H1 2022 financials to the retained earnings totaling SAR 464.96 million at the end of the same period.

In a bourse statement, the company added that shareholders will discuss forming the audit committee and determining its duties, roles and remunerations for the new three-year term starting Oct. 1.

The nominees are independent director Abdulsalam Al-Mazro; non-executive directors, Waleed Al-Jaafari and Abdulaziz Al-Mulhem, as well as non-board member Abdullah Bu-Ali, the company stated.

It added that the e-voting will start on Sept. 23.