Al-Khodari announces details of resignation of board chairman, members

Logo of Abdullah A. M. Al-Khodari Sons Co.

Abdullah A. M. Al-Khodari Sons Co. announced additional details of the chairman and members of the board’s resignation as received from them.

The company clarified in a bourse filing today, April 8, 2021, that the details included continuous interference by some of the company’s shareholders and their representatives in the work of the board, as well as the filing of false accusations against them, which led to impeding the board from performing its role.

In addition, shareholders’ request to dismiss more than one member without legitimate reasons affected the board’s performance along with ambiguity and inaccuracy in the information available from the previous board and the previous executive management.

Earlier this month, the company announced that the entire board of directors resigned on April 3, 2021, including chairman Sultan bin Mohammed Al-Hajri.

Consequently, the Capital Market Authority (CMA) board issued a decision to form an interim committee to supervise the company’s management and invite shareholders for a general assembly within a period of no later than three months to elect a new board of directors.