The Ordinary General Assembly of the Saudi Cable Company approved filing a liability lawsuit against two members of the Board of Directors at the request of shareholders
Company announced Saudi Cables, in a statement on “Saudi Tadawul” website Today, the Ordinary General Assembly decided to remove the members of the Board of Directors, Ziyad bin Abdul Latif Al-Barrak and Nael bin Samir Fayez, at the request of shareholders representing more than 10% of the company’s capital.
It also agreed to file a liability lawsuit against them at the request of the shareholders, and to authorize the executive management to take the necessary legal and regulatory measures in this regard.
The General Assembly also decided not to approve the Board of Directors’ decision to appoint Engineer Badran bin Hamoud Al Badran (non-executive member) to the Board of Directors, to succeed the resigned member Saleh bin Abdullah Al-Shathri (independent member).
The Assembly had approved the company’s auditor’s report for the financial year ending on 12-31-2023 after discussing it.
It also approved the Board of Directors’ decision to appoint Engineer Abdullah bin Odeh Al-Ghabain (independent member) to the Board of Directors until the end of the current session, to succeed the resigned member, Engineer Abdulaziz Saleh Aba Al-Khail (independent member).
It is noteworthy that the company appointed Al-Kharashi & Partners, certified accountants and auditors, to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2024 and the first quarter of the fiscal year 2025, and determined its fees amounting to 640 thousand riyals.
