Saudi Cable shareholders to vote on related party deals

04/01/2018 Argaam

 

Saudi Cable Co. shareholders will approve four related party transactions to take place this year at the general assembly meeting on Jan. 14, 2018, the company said in a bourse statement.

 

Shareholders will approve deals with XECA International for Information Technology Ltd, Midal Cables, Xenel Industries, and Hidada Ltd for amounts of SAR 5.3 million, SAR 73.1 million, SAR 2.8 million and SAR 143,000 respectively.

 

The general assembly will also vote on the company’s audited financials for fiscal year 2016, the audit report and board report for the same period, as well as discharging the board members from liability for their activities during FY 2016.

 

In addition, shareholders will elect board members for the upcoming term, appoint two board members for the current term, and vote on amended corporate governance regulations.

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