Herfy shareholders reject dismissing Chairman AlAzzawi

A branch of Herfy Food Services Co.

Herfy Food Services Co.’s shareholders refused approval for Moataz Kusai Al-Azzawi's dismissal during the ordinary general meeting (OGM) held on Nov. 4.

In a statement to Tadawul, the company pointed out that the move followed a request from a major shareholder, Ahmed Al-Saeed, who owns more than 10% of Herfy’s capital.

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According to data available on Argaam, Herfy received a letter in August for the second time from a shareholder requesting a shareholders’ vote on the dismissal of the Chairman.

In March 2022, Ahmed Al-Saeed requested a general meeting to vote on the dismissal of Al-Azzawi and board member Khalid Al Saeed. The shareholders approved the request for Khalid Al Saeed’s dismissal.

Ahmed Al-Saeed holds a 15.30% stake in Herfy, while Savola Group owns 49% of the company’s share capital.