KEC shareholders elect 11 board members, approve 2014 statements

25/06/2015 Argaam

Knowledge Economic City (KEC) shareholders elected 11 board members for a three-year term starting from July 28, the company said in statement to Tadawul.

 

The decision came during the firm’s ordinary general meeting (OGM) held on Wednesday.

 

Shareholders approved the board of directors’ report, an audit report, and all financial statements for 2014.

 

In addition, they approved all dealings and contracts with related parties, including a SAR 52.5 million deal with Makarim Knowledge Hospitality for the sale of a land plot. The firm is 50 percent owned by KEC.

 

Contracts with Medrar worth SAR 7.8 million were also cleared for renewal.

 

Board members were also discharged from liability associated with their activities in 2014, and an external auditor for 2015 was appointed.

 

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