Al-Khodari shareholders approve sacking 3 board members

Abdullah A. M. Al-Khodari Sons Co.’s (Al-Khodari) shareholders approved dismissing 3 board members during the general assembly meeting held on July 23, 2020, the company said in a bourse statement.

In May, the company received a letter of request from a group of shareholders, who own about 5.007% shares of the company's capital, to dismiss Abdullah Al-Khodari, Jamil Abdullah Al-Khodari and Fawwaz Abdullah Al-Khodari from the board of directors.

Shareholders also ratified on filing a liability lawsuit against the former board of directors for their mismanagement of company affairs and delegating the current board to take all regulatory procedures for the lawsuit.

Additionally, they authorized the current board of directors to delegate a company’s representative before the competent courts.

Shareholders approved appointing PKF Al Bassam & Co. as external auditor an external auditor to audit financial statements for FY 2018, Q1 2019, Q2 2019, Q3 2019, Q4 2019, FY 2019, Q1 2020, Q2 2020, Q3 2020, Q4 2020, FY 2020, and Q1 2021.

Meanwhile, they approved electing members of the board’s audit committee for the current three-year term ending on May 6, 2023.