Al-Khodari shareholders to vote on board dismissal on May 07

Abdullah A. M. Al-Khodari Sons Co. (Al-Khodari) invited its shareholders to participate in the ordinary general assembly meeting through electronic voting from May 03-07, 2020, the company said in a bourse statement.

Shareholders will vote on the request submitted by a group of shareholders regarding dismissing board members, who own about 5.007% shares of the company's capital.

In case of approval on the above-mentioned item, shareholders will endorse on electing a new board of directors for the upcoming 3-year term, starting from May 07, 2020.

While in case of rejection, the 3-year term will begin on May 11, 2020.

In Dec. 2019, Al Khodari announced it received a request from major shareholders, who own almost 5% of the company's capital, to hold a general assembly meeting to vote on the existing board dismissal, Argaam reported.

In April 2019, the Saudi Stock Exchange (Tadawul) placed a trading halt on shares of Al-Khodari until the company discloses its fiscal financial statements.

Last May, the Capital Market Authority (CMA) announced a trading halt on Al-Khodari’s shares pending a financial restructuring process.

Additionally, CMA decided in July last year to continue maintaining a trading halt on the company’s shares pending the disclosure of the company’s financial statements.

In March 2020, the company announced in a bourse statement its inability to disclose annual financial results for the fiscal year 2019 on time.