TAQAT shareholders elect board for new term

Logo of TAQAT Mineral Trading Co.

Shareholders of TAQAT Mineral Trading Co. elected board members for the upcoming four-year term starting Feb. 14, 2025, during an extraordinary general meeting (EGM) on Feb. 6.

In a statement to Tadawul, the company said that the newly elected board will include Ali Al-Hudhaif, Fahd Al-Khunainy, Abdulrahman Al-Khathlan, Muhammad Al-Shuwaier, and Muhammad Al-Maa.

In addition, shareholders approved transferring the company’s statutory reserve balance of SAR 1.41 million as of Dec. 31, 2024, to the accumulated loss balance of SAR 17.99 million as of June 30, 2024.

They also approved the adoption of the policies, standards, and board membership procedures.

According to data compiled by Argaam, TAQAT’s board recommended in December 2024 transferring the company’s statutory reserve balance of SAR 1.41 million to the accumulated loss balance.

The company’s accumulated losses reached SAR 18 million as of June 30, 2024, representing 14.8% of its total capital of SAR 122 million.