SAIC opens board nominations upon shareholder’s request

Saudi Advanced Industries Co. (SAIC) opened nominations for membership on the board of directors for the upcoming three-year term that will be determined later, the company said in a bourse filing.

The step came in response to a request by its shareholder, Dakheel Bin Raja’a Al Hajeri, who owns a 5.09% stake of the company's capital, to take the procedures required for dissolving the board of directors and re-electing new members.

Candidates will be elected at the general assembly meeting, the date of which will be announced later, after obtaining the necessary approvals from the competent authorities, the statement added.

This is in accordance with the controls and procedures stipulated in the Companies Law, the Corporate Governance Regulations issued by the Capital Market Authority (CMA) and the policies, standards and procedures for membership in SAIC’s board approved by the ordinary general assembly.