Dar Almarkabah says board member dismissed upon major shareholder request

Logo of Dar Almarkabah for Renting Cars Co.

Shareholders of Dar Almarkabah for Renting Cars Co. approved on Dec. 6 to dismiss Iyad Bakhsh, based on the request of Sharifa Moeed Al-Zahrani, who owns more than 10% of the company’s capital. 

In a statement to Tadawul, the company pointed out that Al-Zahrani’s request is based on the board member’s non-compliance with duties of care and loyalty and his exploitation of the company’s assets. 

In November, Dar Almarkabah  received a letter from a substantial shareholder, requesting to hold an extraordinary general meeting (EGM) to vote on the removal of board member Eyad Bakhsh.