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Maaden studies petchem venture operations

Saudi Arabia Mining Company (Maaden) completed on Jan. 30 the performance test of running the Sahara and Maaden Petrochemical Company (SAMAPCO) plant at full capacity for 72 hours continuously, according to Maaden’s announcement posted on Tadawul website.
The test was performed by the team representing the company, financial institutions represented by license technology and technical advisers, as well as representatives of the main projects contractor.
The project is expected to start the commercial operation by the second quarter of 2014.
The latest development follows Maaden’s statement on Aug. 4, 2013, related to the operation and production of SAMAPCO. There is no material financial impact before the starting of the commercial operation. Any additional information will be announced in due course, Maaden said.
SAMAPCO is a limited liability company, jointly owned 50:50 by Maaden and Sahara.
Meanwhile, the board of directors of Maaden invited its shareholders owning 20 shares or more to attend the ordinary general assembly meeting to be held at the company’s headquarter in Riyadh on Abu Baker Al-Sadeeq Road, south of North Ring Road on March 9.
The meeting will consider the following agenda: Approve the consolidated financial statements for the fiscal year ending Dec. 31, 2013, approve the auditors report for the fiscal year ending Dec. 31, 2013 and approve the board of directors report for the fiscal year ending Dec. 31, 2013.
The agenda also includes discharging the board of directors members from liability for their management of the company during the year ending Dec. 31, 2013, recommend not to distribute dividends for the fiscal year ending Dec. 31, 2013, approve the audit committee’s recommendation to appoint external auditor to audit the company’s consolidated financial statements for the fiscal year 2014 and quarterly financial statements and determine their auditors fees.
One other item on the agenda is to approve the appointment of Sulaiman bin Abdulrahman Al-Gwaiz as member of the board of directors representing General Organization for Social Insurance. Al-Gwaiz will replace Soliman S. Al-Humayyd in his position.
“We would like to inform shareholders that each shareholder who owns more than twenty shares has the right to attend this meeting by himself or represented by others. The votes are calculated on the basis of one vote per share represented at the meeting, according to the article of association of the company. Each shareholder who wants to attend this meeting must carry with him ID Card or Commercial Registration and prove of ownership of Maadens shares,” the company stated.