The Saudi Arabian Mining Company (Maaden) announces that the second Extraordinary General Assembly meeting was held at 4:00 PM on Thursday, 01/12/1435H corresponding to 25/09/2014G at the Companys Headquarter in Riyadh. After fulfilling the legal quorum, the General Assembly has issued the following resolutions:
First: the Appointment of Maadens Board of Directors for the third term which will start from 25/10/2014G for a period of three years as follows:
1.Mr. Mansour bin Saleh Al Miaman (Government Representative)
2.His Excellency Mohammed bin Abdullah Al Kharashi (Government Representative)
3.Eng. Sultan bin Jamal Shawli (Government Representative)
4.Eng. Khalid bin Hamad Al Sanani (Government Representative).
5.His Excellency Suliman bin Abdulrahman Al-Gwaiz ( General Organization for Social Insurance GOSI Representative)
6.Eng. Abdullah bin Saif Al Saif (Independent Member)
7. Dr Ziad Abdulrahman Al-Sudairy (Independent Member)
8.Eng. Khalid bin Saleh Al-Mudaifer (Maaden President & CEO)
Note that Maadens Articles of Association (AoA) state that (the company shall be managed by the Board of Directors which is composed of nine members appointed by the General Assembly for a period of three years). Also as stated in the companies law (The resolutions of the General Assembly are issued by an absolute majority of the shares represented at the meeting), therefore the General Assembly did not appoint a ninth member due to not receiving enough votes for the appointment. Maaden will announce later the relevant procedures for the appointment of an independent member on the Board of Directors to fill the vacant seat.
Second: The approval to amend Article 23 of AoA regarding (the prohibition of management engagement in trading activities according to company policies and procedure)