Methanol Chemicals Co. has announced that the company held its Ordinary general assembly meeting in the Novotel Hotel in Dammam on 05-06-2016 corresponding to 29-08-1437 at 18:30. All resolutions of the meeting are as follows:

• Approval of the Board of Directors Report for the financial year 2015
• Approval of the Balance Sheet and Profit and Loss Account for the financial year ended on 31/12/2015
• Approval of the Auditors Report for the financial year ended on 31/12/2015
• Approval of the no distribution of dividends for financial year 2015 to support the financial position of the Company and to enhance its strategic plans.
• Approval of the transactions and contracts which will be executed between the Company and related parties during next year as detailed below
  • Approval of the transactions which will be executed between the Company and Yusuf Bin Ahmed Kanoo Co. represented by Mr Badr Bin Abdul Aziz Kanoo for purchase of spare parts and approve of them for another year. The value of the previous year transaction with Yusuf Bin Ahmed Kanoo Co. in this connection amounted to SAR 57,847.
  • Approval of the transactions which will be executed between the Company and Yusuf Bin Ahmed Kanoo Co. represented by Mr. Badr Bin Abdul Aziz Kanoo for purchase of chemical materials (formic acid) and approve of them for another year. The value of the previous year transaction with Yusuf Bin Ahmed Kanoo Co. in this connection amounted to SAR 349,024
  • Approval of the transactions which will be executed between the Company and Yusuf Bin Ahmed Kanoo Co. represented by Mr. Badr Bin Abdul Aziz Kanoo for inspection services for tanks and approve of it for another year. The value of the previous years transaction with Yusuf Bin Ahmed Kanoo Co. in this connection amounted to SAR 42,547.
  • Approval of the transactions which will be executed between the Company and Zamil Air Conditioners Co represented by Mr Suttam Bin Abdul Aziz Al Zamil and Mr. Adil Bin Salih Al Ghassab for purchase of air conditioning units and approve of it for another year. The value of the previous year transaction with Zamil Air Conditioners Co. in this connection amounted to SAR 79,790.
  • Approval of the transactions which will be executed between the Company and Zamil Inspection and Maintenance of Industrial Projects Co. represented by Mr Suttam Bin Abdul Aziz Al Zamil and Mr. Adil Bin Salih Al Ghassab for inspection and maintenance services for Company plants and approve of it for another year. The value of the previous year transaction with Zamil Inspection and Maintenance of Industrial Projects Co. in this connection amounted to SAR 1,097,727.
  • Approval of the transactions which will be executed between the Company and Zamil Cool Care Co represented by Mr. Suttam Bin Abdul Aziz Al Zamil and Mr. Adil Bin Salih AlGhassab for Maintenance of air conditioning units and approve them for another year. The value of the previous year transaction with Zamil Cool Care Co. in this connection amounted to SAR 733,891.
  • Approval of the transactions which will be executed between the Company and Zamil Group Holding Co. represented by Mr Suttam Bin Abdul Aziz Al Zamil and Mr Adil Bin Salih Al Ghassab for purchase of spare parts and approve them for another year. The value of the previous years transaction with Zamil Group Holding Co. in this connection amounted to SAR 8,167.
• Approval of releasing the members of the Board of Directors from their liabilities for the financial year ended on 31/12/2015.
• Approval of the appointment of PWC from among the nominees based on the recommendation of the Audit Committee to audit the Company accounts for the financial year 2016 and determination of their annual and quarterly fees.
• Approval of the appointment of Mr. Abdul Salam Bin Mazrou Al Mazrou (independent member) as a Board member till 11 November 2018 to fill the vacant Board Seat left open by the resignation of Board member Mr Sami Mohamed Jalal (non executive member).
• Approval of the recommendation of the Board of Directors to pay SAR 1,800,000 as Board remuneration for the year 2015. Such payment shall be according to the terms of office of the members in the current and previous Board during the year 2015. In addition payment of remuneration of SAR 200,000 to the Chairman for his membership in the Executive Committee as well as his supervisory role in the Cost Reduction and Optimization Program and Organization Restructuring of the Company