Saudi Paper Manufacturing Company’s announcement of the Board of Directors’ recommendation to the extraordinary general assembly of shareholders
- Date: 14-Feb-2024
- Source: Mubasher
- Sector:Industrial
- Country:Saudi Arabia
Saudi Paper Manufacturing Company’s announcement of the Board of Directors’ recommendation to the extraordinary general assembly of shareholders
14 February 2024 09:47 AM
SPM
2300
40.90%
51.50
14.95
Element List
Explanation
Announcement Detail
The Saudi Paper Manufacturing Company announces that, based on the issuance of the new companies’ system and its executive regulations, and the issuance of the amended corporate governance regulations by the Board of the Capital Market Authority, the Board of Directors decided on 08/03/1445 AH corresponding to 02/13/2024 AD to recommend to the extraordinary general assembly to amend the company’s bylaws. And harmonize it in accordance with the aforementioned regulations. Among the most prominent amendments are the following: 1- Canceling the limit of the company’s term specified in the company’s bylaws at (99) years. 2- Cancel the statutory reserve item in the bylaws, and submit to the General Assembly the transfer of the entire balance of the statutory reserve to the retained earnings account. These recommendations are subject to the approval of the competent authorities and the extraordinary general assembly of shareholders
Saudi Paper Manufacturing Company’s announcement of the Board of Directors’ recommendation to the extraordinary general assembly of shareholders