​ ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE RESULTS OF 6TH EXTRAORDINARY GENERAL ASSEMBLY MEETING TO INCREASE THE SHARE CAPITAL


The 6th Extraordinary General Assembly Meeting of Advanced Petrochemical Company (Advanced) was held in Dammam at Advanced Head Office (Gulf Road Dammam Corniche - SAMEC Building fifth floor) on July 28, 2016 corresponding to 23-10-1437 H at 06:30 p.m. after reaching the quorum, the shareholders has voted and resolved all items on the agenda as follows:

1. Approved to increase the Company's share capital from One Billion Six Hundred Thirty Nine Million Nine Hundred and Fifty Thousand Saudi Riyals (SR 1,639,950,000) to One Billion Nine Hundred Sixty Seven Million Nine Hundred and Forty Thousand Saudi Riyals (SR 1,967,940,000), an increase of 20%, through the distribution of one bonus share for every five shares owned by the Company's existing shareholders at the close of trading on EGM day. This increase in the Company's share capital will be funded from the retained earnings account. Accordingly, the number of issued shares will increase from One Hundred Sixty Three Million Nine Hundred and Ninety Five Thousand (163,995,000) shares to One Hundred Ninety Six Million Seven Hundred and Ninety Four Thousand (196,794,000) shares. The objective of this increase in share capital is to adjust the Company's share capital to its assets level and help support its future investment plans. The shareholders also approved to amend the Article (7) of the Company's Bylaws to reflect the capital increase.

2. Elected the members of the Board of Directors for the three years period commencing from 01 October 2016G and ending on 30 September 2019G, by accumulative voting system as follows:

1. Mr. Khalifa Abdullatif Abdullah Al Mulhim
2. Mr. Yasir Abdulaziz Mohammed Abu Ateek
3. Dr. Sultan Mohammad Ahmed Al Sulaiman
4. Engr. Abdullah Mogbil Abdullah Al Garawi
5. Mr. Khalid Abdulrahman Mohammed Al Omran
6. Mr. Waleed Mohammed Abdullah Al Jaffari
7. Engr. Hani Abdulaziz Husain Al Terkait
8. Mr. Abdulaziz Abdullah Abdulaziz Al Mulhim
9. Mr. Sami Abdulaziz Mohammed Al Suwaigh