SAIC says request to dissolve board of directors is invalid as per Companies Law

Logo of Saudi Advanced Industries Co.

Saudi Advanced Industries Co. (SAIC) announced that the request submitted by some shareholders, owning 5.06% of the company's capital, seeking the required procedures to dissolve the current board of directors is no longer valid.

The company explained in a bourse filing that the request is invalid as stipulated in the regulations with a decrease in the ownership percentage below 5% according to Article (90) of the Companies Law as one of the applicants sold all of his shares.

Accordingly, the board of directors confirmed that the company’s doors are open to shareholders and listen to their observations in a way that contributes to the firm’s development and boosts its investments.

Late in June, SAIC received a letter from some shareholders, representing 5.06% of the company's capital, requesting to take the procedures required to dissolve the board of directors and re-elect new members.

In April 2020, SAIC elected board members for the three-year term, which started from Sept. 17, 2020, Argaam reported.

The current board comprises Yazeed Khaled Al-Shathry as board chairman, Mohsen Al-Fehadi as vice chairman, Badr Khaled Al-Shathry, Turki Al Baiz, Saad A. Al-Shammary, Khaled M. Al Moammar, and Suha Suwaid Al-Jahadli.