Herfy's Al Saeed seeks votes on axing Chairman

A branch of Herfy Food Services Co.

Herfy Food Services Co. said that major shareholder Ahmed Al Saeed, who owns more than 10% of the company’s capital, requested to hold a general assembly to vote on terminating the Chairman, the company said in a Tadawul statement today, Aug. 18.

The same shareholder submitted a similar request in 2022, but it was rejected by the general assembly.

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The company will take the necessary procedures as per the rules and regulations and will announce them later.

In March 2022, Al Saeed requested to hold a general meeting to vote on the dismissal of Chairman Moataz Al-Azzawi and a board member, but shareholders disapproved the request. Meanwhile, they approved the termination of board member Khalid Al Saeed, as reported earlier by Argaam.

 Al Saeed holds a 15.30% stake in Herfy, while Savola Group owns 49%.