Red Sea shareholders approve amending Articles of Association

Shareholders of Red Sea International Co. approved amending Articles of Association to ensure alignment with the new Companies Law, during the extraordinary general meeting (EGM) held on January 9, 2025.

In a statemen to Tadawul, the company said that the decision included renumbering the Articles of Association to conform with the proposed changes pursuant to this resolution.

Additionally they approved amending Articles (4, (6), (21), (23) and (49) of the company’s Articles of Association, pertaining to participation and ownership in companies, the duration of the company, the authorities of the board, the authorities of the Chairman, the Vice Chairman, the Managing Director, and the board Secretary, and the dividends distribution, respectively.

Meanwhile, they approved amending the Corporate Governance Charter, the board of directors Charter, the audit committee charter and the remuneration and nominations committee Charter.

Shareholders further ratified the amendment of remuneration, board membership and dividends distribution policies and Standards.