Najran Cement’s shareholders approve board, audit reports

Najran Cement Co.’s shareholders approved the audited financial statements and audit report for fiscal year 2017 during the general assembly meeting on Thursday, the company said in a bourse statement.

Shareholders also approved the board report for the same period and discharged board members from liabilities during FY 2017.

In addition, the general assembly selected an external auditor to audit the financial statements for Q1, Q2, Q3 and Q4 2018.

The attendees also approved remuneration of SAR 2 million for board members for the same fiscal year, in addition to the extra remuneration of the chairman.

Meanwhile, they approved the board recommendation to appoint Turki Al Shenaifi as board member for the current term ending on Aug.t 8, 2019.

During the meeting, shareholders voted on a related party transaction to take place during the upcoming year with Yal Arabia company for Industry, Trading and Contracting, valued at SAR 7.2 million.