Articles of Association Sadr Logistics Services Company Chapter One: Incorporation of the Company
Chapter Two: Capital and Shares
Item after modification Item before modification Article Seven: Capital (after amendment)
The company’s capital was set at
(175,000,000) Saudi riyals (one hundred and seventy-five million Saudi riyals), divided into (17,500,000) shares (seventeen million and five hundred thousand) nominal shares of equal value. The nominal value of each is (10) ten Saudi riyals, all of which are ordinary cash shares.
Article Seven: Capital (before amendment) The company’s capital was set at
(25,000,000) Saudi riyals (twenty-five million Saudi riyals), divided into (2,500,000) shares (two million five hundred thousand) nominal shares of equal value, the nominal value of each of which is (10) ten Saudi riyals, all of which are ordinary cash shares.
Article Eight: Subscription to Shares (after amendment)
Shareholders have subscribed to the entire capital stock amounting to (17,500,000) shares with a value of (175,000,000) Saudi riyals (one hundred seventy-five million five hundred thousand Saudi riyals) and the shareholders acknowledge that the entire capital of the company has already been paid upon incorporation.
Article Eight: Subscription to Shares (Before Amendment)
Shareholders have subscribed to the entire capital stock amounting to (2,500,000) shares with a value of (25,000,000) Saudi riyals (twenty-five million Saudi riyals), and the shareholders acknowledge that the entire capital of the company has already been paid upon incorporation
Article 47: Dividend distribution (after modification)
The company's annual net profits are distributed as follows:
1- (10%) of the net profits shall be set aside to form the statutory reserve of the
company, and the Ordinary General
Assembly may decide to discontinue this set- up when the said reserve reaches (30%) of the paid-up capital.
2- The Ordinary General Assembly may decide to form other reserves, to the extent that achieves the interest of the company or ensures the distribution of fixed profits as much as possible to the shareholders. The
Article 47: Dividend distribution (before amendment)
The company's annual net profits are distributed as follows:
1- (10%) of the net profits shall be set aside to form the statutory reserve of the
company, and the Ordinary General
Assembly may decide to discontinue this set- up when the said reserve reaches (30%) of the paid-up capital.
2- The Ordinary General Assembly may decide to form other reserves, to the extent that achieves the interest of the company or ensures the distribution of fixed profits as much as possible to the shareholders. The
aforementioned assembly may also deduct sums from the net profits for the
establishment of social institutions for the company’s employees or to assist the existing ones of these institutions.
3- The Board of Directors may distribute annual profits for each fiscal year or interim for each fiscal quarter.
4- If the remuneration of the members of the board of directors is a certain percentage of the company’s profits, this percentage may not exceed 10% of the net profits, after deducting the reserves decided by the general assembly in application of the provisions of the system and the company’s articles of association and after distributing a profit to shareholders of not less than (5%) ) from the paid-up capital of the company in accordance with the provisions of the Companies Law and its regulations.
aforementioned assembly may also deduct sums from the net profits for the
establishment of social institutions for the company’s employees or to assist the existing ones of these institutions.
3- From the remainder thereafter, a
percentage of no less than (5%) of the paid- up capital shall be distributed to the
shareholders.
4- The Board of Directors may distribute interim dividends for each quarter.
5- In the event that the remuneration of the members of the Board of Directors is a percentage of the profits, it shall allocate after the above the remuneration of the members of the Board of Directors at a rate not exceeding (10%) of the net profits, and the rest, if any, shall be distributed to the shareholders as an additional share of the profits.
