MESC approves transfer of SAR 29M to retained earnings

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co.’s (MESC) shareholders approved transferring the company’s entire statutory reserve of SAR 28.99 million, as per financial statements ended Dec. 31, 2023, to the retained earnings during the extraordinary general meeting (EGM) held on Dec. 12, according to a Tadawul statement.

They also approved authorizing the board of directors with the authority of the general meeting as stipulated in Article 27 (1) of the Companies Law.

For more news on listed companies

The delegation is valid for one year from the date of the general meeting’s approval or until the end of the term of the delegated, whichever comes first, in accordance with the conditions outlined in the Implementing Regulations of the Companies Law for Listed Joint-Stock Companies.

Further, shareholders ratified amending the following articles of the company's bylaws; Article 3 related to the company’s objectives; Article 16 related to the management of the company; Article 19 related to the powers of the board of directors; Article 20 related to the remuneration of board members; Article 21 related to the powers of the Chairman, Vice Chairman, CEO, and Secretary; Article 23 related to the quorum for board meetings, and Article 41 related to profit distribution.

Click the link to review the details of amendments below: