Yansab shareholders to discuss amending articles of association on Dec. 29

Yanbu National Petrochemical Co. (Yansab) invited shareholders to vote on amending its articles of association during the extraordinary general meeting (EGM) scheduled for Dec. 29, it said in a bourse filing on Monday.

Shareholders are set to vote on changing the company's objectives.

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 in, market, and distribute all petrochemical, hydrocarbon, and manufacturing 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, hydrocarbon, and chemical products, in addition to engaging in any other operations related to the aforementioned activities.

They will vote on amending the powers of the board of directors, chairman, and deputy chairman.

Shareholders will discuss amending article number 46 of on dividend distribution.