Saudi Cable shareholders refuse to discharge board of liability for 2021

Logo of Saudi Cable Co.

Saudi Cable Co.’s shareholders disapproved discharging board members of liability for 2021, statement during the extraordinary general meeting (EGM) held on Feb. 6, the company said in a to Tadawul.

Moreover, shareholders disapproved amending the nominations and remuneration committee’s regulations, and the remuneration policy of the board, its committees, and the executive management.

Shareholders also rejected the business and contracts concluded between the company and Midal Cables, in which board members Abdulrahman Al-Khayal and Abdulhadi Abu Al-Khair have an indirect interest, the statement added.

The disapproved items included purchases of raw materials, in addition to cash dividends and bonuses for the board members, and other funds disposed in the form of one-year financing fees on purchases, at a total value of SAR 32.65 million for 2021.

The company submitted a request for a 95-business day period to amend its status until June 19, 2023.

Meanwhile, the remaining items on the agenda – including the financial statements and the board report for 2021, along with the amendment to Article 3 of the company's bylaws related to the company's objectives – were approved.