SARCO’s shareholders dismiss board members, elect new ones

Logo of Saudi Arabia Refineries Co. (SARCO)

Saudi Arabia Refineries Co. (SARCO) shareholders approved on Jan. 25 the dismissal of board members and subcommittees, according to a statement issued to Tadawul.

The dismissal request was submitted by Ethraa Holding Co., Manazel International Co., German Saudi Industrial Co., Fahd Al Thunayan, Rashid Al-Musallam, Ibrahim Al-Rasheed, Ibtisam Al-Muaither, Fahd Al-Qahtani, Fawaz Al-Qahtani, Saad Al-Luhaidan, Khaled Al-Mujil, Miteb Al-Anzi, Muhammad Al-Qahtani, Muhammad Al-Muslim, Ali Al-Qahtani, Saad Al-Tamimi, and Khaled Al-Anazi, all of whom own more than 10% of the company’s capital.

They claimed that the current board members have not developed the company’s business and were satisfied with the profits of affiliates and the repeated delay in announcing the financial statements.

The shareholders elected Khaled A. Al Hamdan, Abdul Aziz Al Bakr, Fahd Al Habardi, Abdul Rahman Al-Mufarreh, Obaid Al Subaie, Mishal Al-Aqla, Khaled Hanaky, and Nael Fayez as board members for the next three-year term beginning Jan. 25, 2024.

Furthermore, they rejected disbursing 7.5% of retained earnings for the fiscal year 2022 and SAR 780,529 to board members, as per Article 51 of the company's bylaws.