TASNEE Announces the results of the 22nd Ordinary General Assembly Meeting
1/1/2018








National Industrialization Company (Tasnee) announced the results of its 22nd Ordinary General Assembly Meeting held at 7:30 pm on Sunday 13 / 04 / 1439H corresponding to December 31, 2017 at the company’s headquarters at the Business Gate , Building No. C3, Qurtuba District, Eastern Ring Road, Riyadh, Kingdom of Saudi Arabia After the completion of the quorum required for the convening of the Ordinary General Assembly. The results of the voting were as follows:

1-Approval of entering into a conditional agreement dated 21 February 2017 (25/05/1438H) with TRONOX Limited A.C.N (153 348 111), a public joint stock company duly organized under the laws of the State of Western Australia and listed on the Stock Exchange of the State of New York in the United States of America (“TRONOX Company”), with respect to the sale by the National Titanium Dioxide Company Limited , having the Commercial Registration No. 4030062296 (“Cristal”) (which TASNEE holds 79% of its shares) of the Titanium Dioxide business and assets in the Kingdom of Saudi Arabia and abroad in favor of TRONOX Company against an amount of SAR 6,274,000,000 (six billion two hundred seventy four million Saudi Riyals) in addition to the issuance of 37,580,000 new shares of Class A for Cristal in TRONOX Company which represent 24% of the TRONOX Company’s capital after consummation of the deal. 

2-Approval of the transactions and contracts that shall be concluded between the National Titanium Dioxide Company Limited, having the Commercial Registration No. 4030062296 (“Cristal”) and TRONOX Limited A.C.N Company (153 348 111), in which two of Tasnee Board of Directors have interests, i.e. Dr. Talal Ali Al-Shae’r (in his personal capacity) and Mr. Ibrahim Ali Al-Qadhi (in his capacity as a representative of the Gulf Investment Corporation in TASNEE’s Board of Directors) considering that Dr. Talal Ali Al-Shae’r owns 1% of the capital of National Titanium Dioxide Company Limited (Cristal), and that Mr. Ibrahim Ali Al-Qadhi is a representative of the Gulf Investment Corporation which owns 20% of the capital of Cristal, and then license for such transactions, although there have been no preferential conditions for the two named Directors in this deal which are represented in a conditional agreement for the sale of the businesses and assets of the Titanium Dioxide activity in the Kingdom of Saudi Arabia and abroad in favor of TRONOX Company against an amount of SAR 6,274,000,000 (six billion two hundred seventy four million Saudi Riyals) in addition to the issuance of 37,580,000 new shares of Class A for Cristal in TRONOX Company which represent 24% of the TRONOX Company’s capital after consummation of the deal.

3-Approval of updating the regulations of the Remuneration and Nominations Committee. 

4-Approval of the regulations of the Board of Directors’ membership policy, criteria and procedures. 

5-Approval of the policy for remunerations of the Board of Directors’ members and the committees that emanate from the Board as well as for the remunerations of the Executive Management. ​