Wafrah board approves to hold general meeting for board, audit committee dismissal

Wafrah for Industry & Development Co.’s (Wafrah) board of directors approved on July 28 taking the necessary measures required for holding an ordinary general meeting to dismiss the current board of directors and elect new members.

They also gave the go-ahead for discussing dismissal and restructuring of the audit committee upon shareholders’ request, the company said in a bourse statement.

No financial impact is expected from this decision, the statement added.

On July 19, Wafrah received a letter from some shareholders, owning around 7.14% of the company’s capital, to take regulatory measures with regards to the dismissal of the current board of directors and the appointment of a new one, Argaam reported.

The company on July 26 received another request from those shareholders requesting dismissal and restructuring of the current audit committee.