23 January 2013
The Board of Directors of Aldrees Petroleum and Transport Services Company (ALDREES) invites the company shareholders to attend the Seventh Annual General Assembly which will be held on Saturday, 02 March 2013 (20/04/1434H) at 6:30 PM at the head office of the company in Khurais Road, Riyadh, with the following agenda:
1-Approval of the External Auditor's report for the financial year ended thirty-one December 2012.
2-Approval of the balance sheet and profit and loss statements for the financial year ended the 31st December 2012.
3-Approval of the Board of Directors Report for the financial year ended 31 December 2012.
4-Approve the recommendation of the Board of Directors on the distribution of dividends for the year 2012 of SAR 2 per share totaling SAR60 million, equivalent to 20% of the capital of the company. The cash dividends shall be paid to eligible Shareholders registered in the records of Tadawul at the closing of trading on the day of the General Assembly.The date of payment of the cash dividends will be announced later
5-Clear the Chairman and members of the Board of Directors with respect to the management of the company for the year ended 31 December 2012.
6-Approve the selection of external auditor from among the candidates nominated by the Audit Committee to review and audit the quarterly and annual financial statements of the company for the fiscal year 2013, and the corresponding audit fees.
7-Approval of the establishment of United Fuel Company shared equally between the company and Emirates National Oil Company (ENOC).
8-Approval of contracts and work done between the company and all of Aldrees Industrial & Trading Co.(ALITCO) and the Seven Orbit Trading Co. and some members of the Board of Directors as related parties, and authorization of such transactions for the succeeding year.
9-Approval of the amendment of paragraph 1/3/24 of Article 3 of the corporate governance policies by adding the following duties and responsibilities of the Audit Committee: -
10 To supervise the activities of the external auditors and approve any activity beyond the scope of the audit work assigned to them during the performance of their duties.
11To review the external auditors comments on the financial statements and follow up the actions taken about them.
According to Article (27) of the Articles of Association of the company all shareholders who own at least 20 shares are entitled to attend the General Assembly or authorize other shareholders to represent them at the meeting (those authorized should not be members of the Board of Directors or employees of the company). Such authorization is valid for the Second Meeting in the case of postponement of this meeting and shall be certified by the following agencies: Chamber of Commerce and Industry, Saudi banks or one of the competent governmental agencies. The original authorization should be sent to the company three days before the date of the Assembly. Pursuant to the provisions of Article (33) of the Articles of Association of the company, the quorum for the convening of the Regular General Assembly is the presence of shareholders representing at least 50% of the company's total shares. For inquiry, the following numbers can be contacted: Tel. No. 01-2355555; Fax No. 01-2366666.
The Board of Directors of Aldrees Petroleum and Transport Services Company (ALDREES) invites the company shareholders to attend the Seventh Annual General Assembly which will be held on Saturday, 02 March 2013 (20/04/1434H) at 6:30 PM at the head office of the company in Khurais Road, Riyadh, with the following agenda:
1-Approval of the External Auditor's report for the financial year ended thirty-one December 2012.
2-Approval of the balance sheet and profit and loss statements for the financial year ended the 31st December 2012.
3-Approval of the Board of Directors Report for the financial year ended 31 December 2012.
4-Approve the recommendation of the Board of Directors on the distribution of dividends for the year 2012 of SAR 2 per share totaling SAR60 million, equivalent to 20% of the capital of the company. The cash dividends shall be paid to eligible Shareholders registered in the records of Tadawul at the closing of trading on the day of the General Assembly.The date of payment of the cash dividends will be announced later
5-Clear the Chairman and members of the Board of Directors with respect to the management of the company for the year ended 31 December 2012.
6-Approve the selection of external auditor from among the candidates nominated by the Audit Committee to review and audit the quarterly and annual financial statements of the company for the fiscal year 2013, and the corresponding audit fees.
7-Approval of the establishment of United Fuel Company shared equally between the company and Emirates National Oil Company (ENOC).
8-Approval of contracts and work done between the company and all of Aldrees Industrial & Trading Co.(ALITCO) and the Seven Orbit Trading Co. and some members of the Board of Directors as related parties, and authorization of such transactions for the succeeding year.
9-Approval of the amendment of paragraph 1/3/24 of Article 3 of the corporate governance policies by adding the following duties and responsibilities of the Audit Committee: -
10 To supervise the activities of the external auditors and approve any activity beyond the scope of the audit work assigned to them during the performance of their duties.
11To review the external auditors comments on the financial statements and follow up the actions taken about them.
According to Article (27) of the Articles of Association of the company all shareholders who own at least 20 shares are entitled to attend the General Assembly or authorize other shareholders to represent them at the meeting (those authorized should not be members of the Board of Directors or employees of the company). Such authorization is valid for the Second Meeting in the case of postponement of this meeting and shall be certified by the following agencies: Chamber of Commerce and Industry, Saudi banks or one of the competent governmental agencies. The original authorization should be sent to the company three days before the date of the Assembly. Pursuant to the provisions of Article (33) of the Articles of Association of the company, the quorum for the convening of the Regular General Assembly is the presence of shareholders representing at least 50% of the company's total shares. For inquiry, the following numbers can be contacted: Tel. No. 01-2355555; Fax No. 01-2366666.
© Tadawul 2013
