Dur shareholders reject transformation into holding firm, audit committee dismissal

Logo of Dur Hospitality Co.

Shareholders of Dur Hospitality Co. disapproved the company’s transformation into a holding entity during the extraordinary general meeting (EGM) held on June 30, according to a bourse filing.

The holding company was set to acquire and lease real estate assets only.  

They also disapproved establishing another company for hospitality, operation and management of properties owned by Dur and third parties. 

Shareholders further rejected to dismiss the audit committee members; Talal Al Malafikh, Abdulrahman Al Duhaim and Ibrahim Al Rwais. 

They rejected reducing the company’s statutory reserve to one-third of its capital pursuant to Article 130 of the Companies Law. 

In addition, shareholders objected the buyback of treasury shares, part of which will be distributed among employees or allocated for the establishment of a staff fund.