Herfy shareholder calls for general meeting to discuss board member dismissal

A branch of Herfy Food Services Co.

Herfy Food Services Co. received a letter from a major shareholder owning more than 10% of the company’s capital, requesting to hold a general assembly to vote on dismissing a board member.

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In a Tadawul statement, the company said it will take the necessary procedures according to the relevant rules and regulations, and will announce them later.

Earlier, the board of directors invited shareholders to vote on the termination of Chairman Moataz Al-Azzawi at the general meeting scheduled for Nov. 4, upon a request from major shareholder, Ahmed Al-Saeed, according to data available with Argaam.

Al-Saeed owns more than 15.30% of Herfy’s capital, while Savola Group holds a 49% stake. In March 2022, Al-Saeed requested to hold a general meeting to terminate Al-Azzawi and a board member.

However, shareholders rejected Al-Saeed's request and approved his termination.