Saudi Paper Manufacturing Co. (SPM) has canceled a board decision to freeze the board membership of Abdullah Al-Enazi and Abdulkarim Al-Nohair due to undeclared conflict of interest, the company said in a statement to Tadawul today.

 

The decision came after receiving a letter from the Saudi Capital Market Authority (CMA) stating that there is no statutory justification for the board’s decision.

 

SPM, however, maintained its recommendation to the general assembly to terminate the memberships of Al-Enazi and Al-Nohair.

 

In a separate statement, SPM invited its shareholders to attend a general assembly meeting on Sept. 6, 2018 to discuss the matter.

 

The two board members’ memberships were frozen In June due to undeclared conflict of interest and other violations.

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