MESC extends contracts with related parties

Middle East Specialized Cables Co.’s shareholders approved on Sunday extending the company’s contract with Middle East Fiber Cable Manufacturing Co. (MEFC) for another year without any preferential terms, the cable producer said in a bourse statement.

Last year’s contract was valued at SAR 5.35 million.

Another agreement with Amnest Group for selling cables, which was valued at SAR 760,280 in 2016, was also extended for one year.

Both companies are represented by MESC’s chairman Abdulaziz Al-Namlah.

Shareholders also gave the go-ahead to renewing a contract with the molding factory, represented by board director Raouf Al-Baitar, for one year.

Meanwhile, the board of directors and auditors reports, along with all financial statements for fiscal year 2016, were approved.

Board members were discharged from liability associated with their activities in 2016, and an external auditor was appointed for fiscal year 2017.