SAIC shareholders request to dissolve board, re-elect new members

Logo of Saudi Advanced Industries Co.

Saudi Advanced Industries Co. (SAIC) received a letter from its shareholder, Dakheel Bin Raja’a Al Hajeri, who owns 5.09% stake of the company's capital, requesting to take the procedures required for dissolving the board of directors and re-electing new members.

Accordingly, the company will take the necessary regular procedures regarding the above-mentioned request, SAIC said in a bourse statement.

Any developments in this regard will be announced in due course, the statement added.

Last June, SAIC received a letter from some shareholders that own shares, representing 5.06% of the company's capital, requesting to take the procedures required for dissolve the board of directors and re-elect new members, according to data compiled by Argaam.

Later in August, the company said that the request is no longer valid as stipulated in the regulations with a decrease in the ownership percentage below 5% according to Article (90) of the Companies Law as one of the applicants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.