Dur Hospitality shareholders request dismissal of audit committee members

Logo of Dur Hospitality

Dur Hospitality Co. announced today, April 26, that it received a letter from three shareholders who own 6.3% of its capital, requesting to add four items to the agenda of the ordinary general assembly meeting (OGM) to be held on May 17, or to call for an extraordinary general assembly meeting (EGM) for this purpose.

In a bourse statement, the company stated that the items include voting on the dismissal of audit committee members; Talal Al Malafikh, Abdulrahman Al Duhaim, and Ibrahim Al Rwais, due to failing to perform their role, as agreements including related parties were concluded with a financial institution and were not disclosed or even approved by the general meeting.

Shareholders also requested to vote on converting Dur Hospitality  into a holding firm concerned with owning and renting properties only, while establishing another firm dealing with hospitality, as well as operation and management of the company’s real estate, and real estate of others.

In addition, they asked to vote on reducing the statutory reserve to one third of the company's capital and distributing the surplus to shareholders in accordance with Article 130 of the Companies Law.

The letter included another request of voting on the company’s repurchase of treasury shares, part of which will be distributed to employees, or establishing a fund for qualified employees to encourage competition and motivate their loyalty to the company.

Accordingly, Dur Hospitality asserted that it will conduct its legal procedures regarding the request, and coordinate with the concerned shareholders to request some additional data in order to submit the above items to the upcoming general meeting.