Ahmed Al Saeed files for termination of Herfy Chairman

03/03/2022 Argaam Special

Ahmed Al Saeed, a major shareholder of Herfy Food Services Co.

Ahmed Al Saeed, a major shareholder of Herfy Food Services Co., announced submitting a request for terminating the company’s chairman and another board member.

 

“I stepped down as the chief executive officer of Herfy, when the board chairman started to limit my powers. The chairman and other board members, who are affiliated to a certain entity, started to dominate all decisions, which we believe are unfavorable for Herfy,” Al Saeed told Argaam in an exclusive.

 

“These decisions were also made in a manner that is unfamiliar to the company,” he added.

 

For example, the latest decision taken was related to changing the majority of Herfy’s articles of association.

 

Since inception, Herfy has been a successful model for growth and dividend distribution. However, the company withheld dividend for the first time in 2021.

 

The Saudi food chain announced today, March 3, receiving a major shareholder’s letter seeking vote on terminating chairman and another board member.

 

Al Saeed holds 19.16% of Herfy.

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