Dur shareholders elect board members, approve transfer of SAR 143 mln reserve to retained profits

Logo of Dur Hospitality Co.

Dur Hospitality Co. shareholders approved electing board members for the upcoming three-year term starting Jan. 1, 2022, during the extraordinary general meeting (EGM) held on Dec. 5.   

The new board includes Bader Alissa (non-executive), Jehad Alkadi (independent), Mishary Alibraheem (non–executive and representative of the Public Investment Fund), Fahad Alkassim (non–executive), Fahad Alissa (non–executive), Abdullah Alkasabi (independent), Saleh Alhathloul (non–executive), Faris Alhumaid (independent) and Talal Al Mulafikh (non-executive and representative of the General Organization for Social Insurance).  

They also approved the formation of the audit committee for the same term, as well as determined tasks, work procedures, and remuneration for its members, and their membership period.   

The audit committee includes Talal Al Mulafikh (non-executive board member), and Abdulrahman Alduhaim, as well as Ibrahim Al Rwais Al Ruwais and Abdullah Alkasabi (independent members).

Shareholders gave the nod to the board’s resolution to appoint Asim Al-Jurayyad, the representative of Hassana Investment Co., the investment arm of GOSI, as a non-executive board member starting from June 27, 2021, until the end of the current term on Dec. 31, 2021.

They also approved the recommendation of the board of directors to transfer the total conventional reserve balance of SAR 143 million (allocated for maintenance work and the purposes determined by the board) to retained profits in the financial statement for 2020.