Al-Khodari shareholders approve board dismissal

Abdullah A. M. Al-Khodari Sons Co.’ (Al-Khodari) shareholders approved, during the ordinary general assembly meeting held on May 7, dismissing the board members who own about 5.007% shares of the company's capital.

The company said in a bourse statement on Sunday that shareholders also ratified electing a new board of directors for the upcoming 3-year term, starting from May 7, 2020, using cumulative voting method. The elected members are:

-Riyad Sulaiman Omar Al Kharashi

-Sultan Mohammed Al Hajri

-Saeed Jaber Al Qahtani

-Fawwaz Abdullah Abdul Mohsen Al Khodari

-Jamil Abdullah Abdul Mohsen Al Khodari

-Ali Abdullah Abdul Mohsen Al Khodari

The statement added that shareholders rejected to form the audit committee. The nominees were:

-Ahmed Abdul Rahman Mohammed Jaber

-Ahmed Mohammed Khaled Al Dahlawi

-Hossam El Din Hashem Hamza Sadaqa

In Dec. 2019, Al Khodari announced it received a request from major shareholders, who own almost 5% of the company's capital, to hold a general assembly meeting to vote on the existing board dismissal, Argaam reported.

In April 2019, the Saudi Stock Exchange (Tadawul) placed a trading halt on shares of Al-Khodari until the company discloses its financial statements for the fiscal year ending Dec. 31, 2018.