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Company announces resolutions of General Assembly Meeting

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21/4/2015

The Saudi Electricity Company (SEC) announced the outcomes of the 14th extraordinary meeting of the General Assembly held on 07/01/1436 corresponding to 20/04/2015 at the company's meeting room in Riyadh after completing the quorum. All resolutions of the meeting are as follows: 1. Approve the report of the Board of Directors for the financial year ending 31/12/2014. 2. Approve the report of company’s auditor for the financial year ending 31/12/2014. 3. Approve the financial statements of the company for the financial year ending of 12/31/2014. 4. Approve the report of Board Directors in terms of the distribution of 7 percent of the paid-up capital as cash dividends; equivalent to 7 halalas per share to the shareholders registered of the date of the General Assembly Meeting. 5. Discharge the Board Members from their legal liability of the Fiscal Year ending 31/12/2014. 6. Approve the appointment of Ernst & Young and Co. as a legal auditor to review the company's accounts and the financial statements for the fiscal year 2015 as well as financial statements every three months, including the examination of the financial statements for Q2, Q3 and Q4, and examination of the financial statements for the first quarter of 2016. 7. Approve the remuneration and compensation paid to board members, which is mentioned in the report of board on January 1 until December 31, 2014. 8. Approve the amendment to clause (ii) of the rules of remuneration of board members.