Saudi Paper shareholders approve amending articles of association

Saudi Paper Manufacturing Co.’s (SPM) shareholders approved amending the articles of association during the extraordinary general meeting (EGM) held on Dec. 6, 2020, the company said in a bourse statement.

They approved amending several Articles of Association, including Article 7 on the company’s capital, Article 8 on shares subscription, Article 17 on issuance of debt or negotiable financing instruments, and Article 18 on company management.

They also approved amending Article 20 related to vacant positions in the company’s board, in addition to other amendments covering the remuneration, meetings, shareholders’ rights and quorum.

Shareholders ratified the board of directors’ decision to appoint Abdullah bin Oudah Al-Enezi as an executive board member to complete the session for the current term until April 26, 2021.

They also approved the SAR 6.7 million contract signed between SPM and East Gas Co. in 2019, to supply gas to the company’s plant in the second industrial city in Dammam. The transaction is based on commercial grounds, in which a member of the Board of Directors has an indirect interest, with no preferential conditions.