ASG Plastic Factory Co. Announces the Results of the Extraordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | ASG Plastic Factory Company announces the results of the Extraordinary General Assembly Meeting (First Meeting), which was held at 7:45 PM on Tuesday, 29/11/1446H corresponding to 27/05/2025, at the company’s headquarters located in Sudair industrial and business city, via modern technology (remotely) using Tadawulaty services, after the legal quorum required for the meeting’s. |
| City and Location of the General Assembly’s Meeting | At the company’s headquarters located in Sudair industrial and business city, via modern technology (remotely) using Tadawulaty services. |
| Date of the General Assembly’s Meeting | 2025-05-27 Corresponding to 1446-11-29 |
| Time of the General Assembly’s Meeting | 19:45 |
| Percentage of Attending Shareholders | 84.16% |
| Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees | 1. Mr. Othman Abdullah Othman Al-Othman – Chairman of the Board
2. Mr. Fahad Mohammed Fahad Al-Othman – Vice Chairman of the Board 3. Mrs. Alanoud Nasser Abdullah Al-Nasrallah – Board Member and Chief Executive Officer 4. Mr. Mohammed Rafdan Atallah Al-Sahma – Board Member 5. Mr. Ibrahim Mohammed Ibrahim Al-Shalan – Board Member |
| Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf | Mr. Ahmed El-Sayed Mohamed El-Baz – Chairman of the Audit Committee |
| Voting Results on the Items of the General Assembly’s Meeting Agenda’s | 1. Approval of the company’s external auditor’s report for the fiscal year ending on December 31, 2024, after discussion.
2. Review and discussion of the Board of Directors’ report for the fiscal year ending on December 31, 2024. 3. Review and discussion of the company’s financial statements for the fiscal year ending on December 31, 2024. 4. Approval to discharge the members of the Board of Directors from liability for the fiscal year ending on December 31, 2024. 5. Approval of the appointment of RSM Allied Accountants Professional Services as the company’s external auditor from among the nominees, based on the recommendation of the Audit Committee, to review and audit the interim financial statements for the first half ending on 30-06-2025 and the annual financial statements ending on 31-12-2025, for a fee of (290,000) Two hundred and ninety thousand SAR. 6. Approval to authorize the Board of Directors to distribute interim dividends to shareholders on a semi-annual or quarterly basis for the fiscal year ending on December 31, 2025. 7. Approval to authorize the Board of Directors with the powers of the Ordinary General Assembly regarding the license stated in paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the term of the authorized Board, whichever comes first, in accordance with the conditions set out in the implementing regulations of the Companies Law for listed joint-stock companies. 8. Approval of the Board of Directors’ recommendation to distribute cash dividends amounting to (4,582,500) Four million five hundred and eighty-two thousand five hundred SAR to shareholders for the fiscal year ending on 31-12-2024, at (0.65) sixty-five halalas per share, representing (6.5%) of the capital. Entitlement shall be for shareholders holding shares at the end of trading on the day of the General Assembly meeting and registered in the company’s shareholders’ register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the entitlement date. The dividend will be paid by transferring it to the accounts linked to the eligible shareholders’ portfolios starting from Sunday, 15/06/2025 through the paying agent – the Securities Depository Center Company (Edaa). In case of deposit failure, shareholders may contact the paying agent (Edaa) or the company via email at: investorrelations@asgplastic.sa or by phone at: 0559251726. 9. Approval of the transactions and contracts conducted between the company and Habbat Al-Bard Plastic Factory and a Board Member (Mohammed Rafdan Atallah Al-Sahma) who has an indirect interest, involving (product sales) for the year 2024. The duration of these transactions is one year, and they are conducted in the ordinary course of business, under prevailing commercial terms, with no preferential terms. The value of these transactions during 2024 amounted to (20,771) SAR. 10. Approval of the transactions and contracts conducted between the company and Habbat Al-Bard Plastic Factory and a Board Member (Mohammed Rafdan Atallah Al-Sahma) who has an indirect interest, involving (product purchases) for the year 2024. The duration of these transactions is one year, and they are conducted in the ordinary course of business, under prevailing commercial terms, with no preferential terms. The value of these transactions during 2024 amounted to (2,027,923) SAR, and the amount paid during 2024 was (2,253,853) SAR. 11. Approval of the transactions and contracts conducted between the company and ZAT Industrial Factory and the Vice Chairman (Fahad Mohammed Fahad Al-Othman) who has an indirect interest, involving (raw material sales) for the year 2024. The duration of these transactions is one year, and they are conducted in the ordinary course of business, under prevailing commercial terms, with no preferential terms. The value of these transactions during 2024 amounted to (1,469,325) SAR. 12. Approval of the transactions and contracts conducted between the company and ZAT Industrial Factory and the Vice Chairman (Fahad Mohammed Fahad Al-Othman) who has an indirect interest, involving (asset sales) for the year 2024. The duration of these transactions is one year, and they are conducted in the ordinary course of business, under prevailing commercial terms, with no preferential terms. The value of these transactions during 2024 amounted to (14,861) SAR. 13. Approval of the transactions and contracts conducted between the company and ZAT Industrial Factory and the Vice Chairman (Fahad Mohammed Fahad Al-Othman) who has an indirect interest, involving (product purchases) for the year 2024. The duration of these transactions is one year, and they are conducted in the ordinary course of business, under prevailing commercial terms, with no preferential terms. The value of these transactions during 2024 amounted to (816,683) SAR, and the amount paid during 2024 was (33,687) SAR. 14. Approval of the amendment of Article (13) of the company’s Articles of Association related to (Share Trading). 15. Approval of the deletion of Article (14) of the company’s Articles of Association related to (Shareholders’ Register). 16. Approval of the amendment of Article (21) of the company’s Articles of Association related to (Powers of the Chairman, Vice Chairman, Managing Director / CEO, and Secretary) 17. Approval of the deletion of Article (44) of the company’s Articles of Association related to (Issuance of General Assembly Resolutions by Circulation). |
| Additional Information | The Company wishes to draw the attention of non-resident foreign investors to the fact that cash dividends transferred through a resident financial intermediary are subject to a withholding tax of 5%, in accordance with Article (68) of the Tax Law and Article (63) of its Implementing Regulations.
The Company urges its valued shareholders to update their information and ensure that their bank account numbers are linked to their investment portfolios to ensure timely receipt of their dividends. For any inquiries, please contact usvia email at: investorrelations@asgplastic.sa or by phone at: 0559251726. |
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