Saudi Cable shareholders reject discharging board members from 2020 liabilities

Saudi Cable Co.

Shareholders of Saudi Cable Co. disapproved absolving the board of directors of liabilities for 2020, during the ordinary general assembly meeting (OGM) held on June 28.

The company said in a bourse statement that shareholders disapproved the OGM delegation of the authorization powers, stipulated in Paragraph (1) of Article (71) of the Companies Law to the board of directors, for a period of one year from the date of OGM approval or until the end of the session of the delegated board, whichever comes first.

Meanwhile, they approved the board and audit reports, and financial statements for 2020.

Shareholders also approved transactions and contracts to be executed between the company and Midal Cables Co., in which the board members Meyassar Nowailati and Abdulhadi Abulkhair, have an indirect interest, in the form of purchase of raw materials, board remuneration, dividends, and financing expenses for purchase of raw materials.

The one-year ordinary transactions are without any preferential terms or benefits, commenced from the convention date of the OGM, worth SAR 62.68 million.