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Logo of Saudi Advanced Industries Co.
Saudi Advanced Industries Co. (SAIC) received a letter from its shareholder, Dakheel Bin Raja’a Al Hajeri, who owns 5.09% stake of the company's capital, requesting to take the procedures required for dissolving the board of directors and re-electing new members.
Accordingly, the company will take the necessary regular procedures regarding the above-mentioned request, SAIC said in a bourse statement.
Any developments in this regard will be announced in due course, the statement added.
Last June, SAIC received a letter from some shareholders that own shares, representing 5.06% of the company's capital, requesting to take the procedures required for dissolve the board of directors and re-elect new members, according to data compiled by Argaam.
Later in August, the company said that the request is no longer valid as stipulated in the regulations with a decrease in the ownership percentage below 5% according to Article (90) of the Companies Law as one of the applicants sold all of his shares.
Related News
SAIC says request to dissolve board of directors is invalid as per Companies Law |
SAIC shareholders request to dissolve board of directors, re-elect new members |
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