Saudi Paper accepts resignation of two board members

Saudi Paper Manufacturing Co.’s (SPM) board of directors accepted the resignation of board member Hassan Asiri, which was submitted on March 12, the company said in a bourse filing on Monday.

The resignation of board member Badr Al-Selea was also approved. It was tendered on March 17.

The board of directors expressed reservation about the reasons cited in Asiri’s resignation. SPM’s board directors formed a three-member committee to investigate the violations of Asiri and Al-Selea.

In his resignation, Asiri said he was unable to fulfill his duties as a board member, according to the corporate governance rules. He added that he was not provided with material information.

Asiri, SPM’s former chief executive officer and board member, had earlier told Argaam that he resigned on March 12, as he was unable to fulfill his duties to protect the rights of the company and its shareholders under the current circumstances.