Red Sea shareholders elect board members, approve annual reports

Red Sea International Co.’s shareholders on Thursday have elected board members for the three-year term starting on May 10, 2018, the company said in a bourse statement.

The new board will include Ibrahim Al Madhoun, Sami bin Mahfouz, Saleh Binladen, Abdul Aziz Qabel, Jamal Al Dabbagh, Mohammed Jazeel, Mohammed Ekhwan and Hussein Al Dabbagh.

During the extraordinary general assembly, shareholders approved audited financial statements and audit report for the fiscal year ended Dec. 31, 2017.

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

Other items on the agenda included appointing an external auditor, amending articles of association, forming the audit committee, and approving related party transactions.