Al Sagr says request to dismiss 4 board members 'no longer valid'

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced that the request received from five shareholders for dismissing of four board members is “no longer valid”, as their ownership decreased below 5%, according to a bourse filing.

The stipulated regulation is mentioned in Article 90 of the Companies Law.

The company announced, on June 15, receiving a letter from five shareholders with around 5.15% of the company’s capital, requesting to hold an ordinary general meeting (OGM) to vote on the dismissal of four non-executive board members.

They filed to dismiss board members Majid Al-Sari, Abdullah Al-Sari, Abdulmohsen Jaber and Sultan Al-Suwaidi, based on the Companies Law, Corporate Governance Regulations, as well as the Rules on the Offer of Securities and Continuing Obligations.