MESC shareholders reject discharging board members from liabilities for 2020

Logo of MESC

Middle East Specialized Cables Co.’s (MESC) shareholders rejected discharging members of the board of directors from liabilities for 2020 during the ordinary general assembly meeting (OGM) held on April 27, 2021, the company said in a bourse statement.

They also rejected the transactions that will be concluded between MESC and Contractors Services Co., as chairman Abdulaziz Mohammed Alnamlah and board member Mohammed Abdulaziz Alnamlah have a direct interest in it. The nature of these transactions is sales of cables, with no preferential conditions. The value of these transactions during 2020 amounted to SAR 1.052 million.

Meanwhile, shareholders ratified the transactions that will be concluded between the company and Middle East Fiber Cable Manufacturing Co. (MEFC), as the chairman and the two board members –Suliman Mohammed Alnamlah and Mohammed Abdulaziz Alnamlah – have a direct interest in it. The nature of these transactions is providing services and businesses and purchasing fiber cables, with no preferential conditions.

In addition, they also approved the audited financial statements and board and audit reports for 2020.