Advanced announced the outcome of the 4th Extraordinary General Assembly Meeting held on Tuesday 29th of Rabi I 1433 corresponding to the 21st of February 2012 which was led by the Chairman of Board Mr. Khalifa bin Abdullatif Al-Mulhim. The general assembly council decided unanimously on all topics of the following agenda:
1. They agreed to the Board of Director's financial report for the year end 2011.
2. They also approved the financial statements and the Auditor's Report for the year end 2011.
3. The Board of Director approved the distribution of SR 141.37 million cash dividend for the second half of year 2011 which is equivalent to (SR 1.00) per share and represents 10% of the company's capital and It is going to be distributed to those registered in Tadawul at the end of the day of the general assembly meeting and the distribution date will be announced later.
4. They approved the recommendation of the company's board of directors to increase company's capital from 1,413,750,000 to 1,639,950,000 shares and the grant of one bonus share to every (6.25) shares owned by shareholders enrolled at the end of the trading day of the forth extraordinary general meeting. The value of the increase in capital will be covered by the company's retained earnings remained and fractional shares and returns will be collected, sold, and distributed to shareholders at the end of the general assembly meeting and deposited date for those who enrolled at the end of the trading day of the forth extraordinary general meeting will be announced later. Thus the company's shares will increase from (141,375,000) to (163,995,000) shares. In their meeting, they approved also the amendment to article number 7 of the company's statute in accordance to the increase of the company's capital.
5. Moreover, they approved the board members' additional benefits (SR 200,000 per member) for the fiscal year of 2011.
6. They agreed to the clearance of the board members for the yearend 2011.
7. The Board of Directors accepted the advice of the Auditors Committee in the selection of PricewaterhouseCoopers (PwC) as an External Auditor and the cost estimated for that for the year 2012.

Chairman of Board, Mr. Khalifa bin Abdullatif Al-Mulhim announced that the board members reviewed the performance, workflow, developments, and accomplishments of the company during the year of 2011 as well as the upcoming expectations of Advanced and eventually he thanked all shareholders for their contribution and support.
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This press release was issued by Advanced Petrochemical Company and was initially posted at http://www.advancedpetrochem.com. It was distributed, unedited and unaltered, by noodls on 2012-03-18 12:50:53 PM. The issuer is solely responsible for the accuracy of the information contained therein.