Red Sea shareholders to elect board members for upcoming term on May 2

Red Sea International Co.’s shareholders will vote to elect the board members for the upcoming three-year term, starting May 10, 2021, during the extraordinary general assembly meeting (EGM) to be held on May 2, 2021, the firm said in a statement to Tadawul.

Shareholders will also vote on forming the audit committee, and defining its duties, operating controls and the remunerations of its members.

They will also vote on the board’s decision to appoint Tareq Mohammed Telmesani as an executive member, starting from the date of his appointment on Nov. 12, 2020, until the end of the current session on May 9, 2021.

Shareholders will also vote to ratify the board’s annual report, independent auditors’ report, and financial statements for 2020.

The agenda also includes voting to appoint external auditor to audit financial statements of Q2, Q3, and Q4 2021, and review Q1 2022 statements.

Shareholders will also vote to pay the directors’ remuneration amounting to SAR 827,000 for 2020.