Advanced shareholders approve transferring SAR 81.5 mln from consensual reserve to retained earnings

One of Advanced Petrochemical Co.’s plants

Advanced Petrochemical Co.’s shareholders approved the board of directors’ recommendation to transfer SAR 81.54 million representing the full consensual reserve, as per financial statement for the period ended June 30, 2022, to the retained earnings account totaling SAR 464.96 million at the end of the same period.

Meanwhile, they approved the formation of the audit committee and determined its duties, roles and remunerations for the new three-year term starting Oct. 1, 2022, during the ordinary general meeting (OGM) held on Sept. 27, according to a bourse statement.

The new audit committee includes, 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.