Saudi Chemical shareholders to vote on amending articles of association on Feb. 5

Saudi Chemical Co. Holding (SCCH)’s shareholders will vote on amending “article six” of the articles of association during the extraordinary general assembly meeting that will be held on Feb. 5, 2024.

Shareholders will vote on amending the minimum capital for companies established in accordance with the new Companies Law, according to a statement to Tadawul.

The current article of association state that the company is obligated to participate in other companies in a proportion that enables it to control them through ownership or management, and it may also establish companies on its own with limited liability or closed shareholding, provided that the capital is not less than SAR 5 million.

However, shareholders will discuss amending the article to stipulate that the company is obligated to participate in other companies in a proportion that enables it to control them through ownership or management, and it may also establish individual companies with limited liability or closed shareholding, provided that the capital is not less than SAR 500,000.