Petro Rabigh shareholders to vote on amending articles of association on Dec. 13

Logo of Rabigh Refining & Petrochemical Co. (Petro Rabigh)

Rabigh Refining & Petrochemical Co. (Petro Rabigh) shareholders will vote on amending Article No. 3 of the articles of association to add owning, developing and operating industrial complexes for conversion industries to its activities, during an extraordinary general assembly meeting (EGM) slated for Dec. 13, according to a statement to Tadawul.

Shareholders will also vote on amending Article No. 46 of the Articles of Association related to profit distribution of profit. Accordingly, the first paragraph will be amended to be as follows: "Ten percent (10%) of the annual net profits shall be set aside to form a statutory reserve. Such setting aside may be discontinued by the ordinary general assembly when said reserve equals [30% of paid-up capital].”

The paragraph prior to the amendment read as follows: "Ten percent (10%) of the annual net profits shall be set aside to form a statutory reserve. Such setting aside may be discontinued by the ordinary general assembly when said reserve equals [one-half of paid-up capital].”