Yansab shareholders approve amending articles of association

Yansab Complex at Yanbu Industrial City

Yanbu National Petrochemical Co.’s (Yansab) shareholders approved amending articles of association during the extraordinary general meeting (EGM) held on Dec. 29, 2020, it said in a bourse filing.

Shareholders approved changing the company's objectives, to read as below:

Yansab engages in all petrochemical activities, including petrochemical and hydrocarbon industries, as well as the related industries and activities inside or outside the Kingdom.

The company, without limitation, can also produce, convert and manufacture petrochemical, hydrocarbon, and manufacturing industries. It can also trade, market, and distribute all petrochemical, hydrocarbons, and products made directly or by third parties.

The company can perform all industrial, financial and commercial activities to fulfill its objective. It can wholly or partially set up, operate, buy petrochemical, hydrocarbon, and manufacturing plants to expand its footprint.

It can establish, operate or form partnerships to secure the required raw materials. Yansab can also import, export and re-export all petrochemical, hydrocarbons, and chemical products, in addition to engaging in any other operations related to the aforementioned activities.

Shareholders also approved amending the powers of the board of directors, chairman, and deputy chairman, as well as, article number 46 of on dividend distribution.