Arab Sea elects board of directors, forms audit committee

Arab Sea Information Systems Co.'s shareholders elected a new board of directors for the next three-year term ending Sep. 16, 2023, during the extraordinary general meeting (EGM) held on August 19, the company said in a bourse statement.

Shareholders also approved the formation of an audit committee for the same three-year term ending on Sep. 16, 2023, and named an external auditor for 2020 and Q1 2021, the statement added.

They also endorsed amending articles of incorporation as regards the board's capacities; general meetings; committees; and authorities of chairman of board of directors, vice chairman, and managing director. During the meeting, articles of incorporation as regards the company's purposes were amended as new purposes of vehicle maintenance, equipment sale, education, training, accounting programs, manufacturing industries and information as well as telecommunications were added.