SARCO shareholders to vote on dismissing board members on Jan. 25

Logo of Saudi Arabia Refineries Co. (SARCO)

Shareholders of Saudi Arabia Refineries Co. (SARCO) will vote on dismissing board members and subcommittees on Jan. 25, the company said in a statement to Tadawul.

The dismissal request was made by Ethraa Holding Co., Manazel International Co., German Saudi Industrial Company, Fahd Thunayan Fahd Al Thunayan, Rashid Hamad Al-Musallam, Ibrahim Rashid Al-Rasheed, Ibtisam Abdullah Abdulaziz Al-Muaither , Fahd Saif Muhammad Al-Qahtani, Fawaz Muhammad Abdullah Al-Qahtani, Saad Ali Abdullah Al-Luhaidan, Khaled Abdullah Ibrahim Al-Mujil, Miteb Muhammad Al-Anzi, Muhammad Abdullah Marei Al-Qahtani, Muhammad Rashid Hamad Al-Muslim, Ali Misfer Saeed Al-Qahtani, Saad Muhammad bin Saad Al-Tamimi, and Khaled Farraj Faraj Al-Anazi, who own more than 10% of the company’s capital.

The cited that the current board members did not develop the company’s business and were satisfied with the profits of affiliates and the repeated delay in announcing the financial statements.

If the board dismissal is approved, shareholders will also elect board members from among candidates for the next three-year term starting from Jan. 25, 2024. They will also vote on a board remuneration at 7.5% of retained earnings for 2022, in addition to an amount of SAR 780,529.

In September 2023, SARCO received letters from shareholders who own 10% or more of the company's capital, requesting a vote to dismiss the current board and hold a general meeting to elect a new board, Argaam earlier reported.