Al Sagr says major shareholder seeks dismissal of chairman, board member

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. received on March 28 a letter from its main shareholder, Al Sagr National Co. (Dubai), requesting to hold an ordinary general assembly meeting to vote on the dismissal of two members of the current board of directors.

In a statement to Tadawul, the insurer said Al-Sagr National owns more than 5% of Al Sagr’s capital.

The letter seeks the dismissal of Fahd bin Abdul Rahman Al-Turki (Chairman) and Sultan bin Khalid Al Turki (independent member).

The request was based on Article 90 of the Companies Law and Article 13 of the Corporate Governance Regulations and Paragraph A of Article 61 of the Rules on the Offer of Securities and Continuing Obligations.

Al Sagr will take the necessary measures, according to the rules and regulations, and announce developments in due course, the statement noted.