MESC shareholders reject SAR 6.1 mln contracts with Middle East Fiber Cable

Logo of Middle East Specialized Cables Co. (MESC)

Shareholders of Middle East Specialized Cables Co. (MESC) disapproved the transactions and contracts concluded with Middle East Fiber Cable Manufacturing Co. (MEFC), where board member Sulaiman Alnamlah has direct interest, during the ordinary general meeting (OGM) held on May 23.

These contracts covered providing services and business at a total of SAR 948,000 in 2022 and purchasing SAR 5.14 million fiber cables, MESC said in a statement to Tadawul.

Other agenda items, including contracts and transactions with related parties, were approved by the shareholders.

As the abovementioned contracts were rejected, the company’s shareholders set a six-month period from the OGM date for Alnamlah to reconcile his position, in accordance with Article 67 of the Companies Law for Listed Joint Stock Companies.