Tihama major shareholders seek to dismiss board in next OGM

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. said some shareholders owning 10% of the company’s capital called for adding a new item to the agenda of the ordinary general meeting (OGM) scheduled for Oct. 9 to vote on the board’s dismissal.

The item also includes voting on electing a new board of directors, Tihama said in a statement to Tadawul.

The board nomination period ended on Aug. 13. The nominations and remuneration committee screened candidates and submitted a recommendation to the board of directors on Aug. 21. Therefore, the board decided to submit candidate names to the Capital Market Authority (CMA) on the same date.

In June, Tihama received a letter from some shareholders, who own 10% of its capital, requesting to hold an OGM to vote on the dismissal of all board members in the current board session.

They also requested to open the nomination process to elect new board members, according to data available with Argaam.