Al-Khodari receives major shareholders’ request to dismiss 3 board members, file lawsuit

Abdullah A. M. Al-Khodari Sons Co. (Al-Khodari) announced that it received a letter of request from a group of shareholders, who own about 5.007% shares of the company's capital, to dismiss the following board members:

-Abdullah Al-Khodari

-Jamil Abdullah Al-Khodari

-Fawaz Abdullah Al-Khodari

The company said in a bourse filing on Sunday that the current board of directors was mandated to file a liability lawsuit against the above-mentioned members for their mismanagement of company affairs.

Additionally, the current board of directors will delegate a company’s representative before the competent courts.

The statement added that the board of directors reviewed the above-mentioned letter at its meeting on May 22, 2020 and decided to take the required procedures in accordance with the relevant laws and regulations.

The company said it will disclose any development in due course.

According to data compiled by Argaam, the Saudi firm recently 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.

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