SAIC shareholders approve amendments to company purpose

Logo of Saudi Advanced Industries Co. (SAIC) 

Saudi Advanced Industries Co.’s (SAIC) shareholders approved amending Article 3 of the company’s bylaws, related to the purposes during the extraordinary general meeting (EGM) held on Oct. 26.

The amended article stipulates, among others, managing SAIC’s subsidiaries or participating in the management of other companies in which it contributes and providing them with the necessary support, SAIC said in a statement to Tadawul.

Further, it includes, investing in diverse sectors such as petrochemicals, glass industries, industrial services, financial services, education, health, food industries, communications, IT, tablet and smartphone applications, AI, clean energy and related industries, military and civilian patents and franchises, venture capital and hedge funds, energy and refueling services, transportation and logistics, tourism and culture, media and entertainment, sports, public utilities, basic materials, capital goods, commercial and professional services, and consumer services.

Investing in stocks and other securities falls under the amended article, along with owning real estate and constructing buildings and warehouses necessary to store the products of industrial projects.

Other aspects of the company’s purposes include establishing advanced industries in electronic, engineering, mechanical, and complementary industries fields.

Establishing companies in various forms to implement their industrial or service projects. Managing factories and developing self-capabilities in industrial management to serve the national industrial sector.

Acquiring industrial technology, and any other legitimate purpose consistent with the company objectives.

The statement added that the company carries out its activities in accordance with applicable regulations and after obtaining the necessary licenses from the competent authorities.

Shareholders also approved the remaining items on the agenda, except for the board decision to appoint Fahd Muhammad Al-Ruwaigh as an independent member, to succeed Yousef Muhammad. Al-Qaffari.