Red Sea shareholders delegate general assembly powers to board

Red Sea International Co.’s shareholders approved granting the board of directors the powers of the general assembly, according to the Companies Law, during the ordinary general meeting (OGM) held on June 23, the company said in a bourse filing.

The powers will be granted to the board for a period of one year from the date of approval or until the end of the delegated board term, whichever is earlier.

Meanwhile, the shareholders also approved the board as well as the auditor’s reports and financial statements for 2021. A new auditor was also appointed to review financials for Q2, Q3, Q4 2022 and Q1 2023.