Saudi Wafrah Approves Impeachment of Board, Audit Committee

Saudi Wafrah for Industry & Development Co. approved the impeachment of the board of directors and audit committee, as applied for by shareholders in possession of 7.14% of the total shares of the company, the firm said in a bourse filing today, Jan. 17. The decision came during the company’s ordinary general assembly meeting (OGM) held virtually through the Tadawulaty system on Thursday, Jan. 14, 2021.

Additionally, the meeting elected the board of directors for three-year term starting Jan. 14, 2021. The members elected include Ayad Abdulrahman Mohammed Al-Bunyan, Mohammed Abdulrazaq Aboud Al-Baghdadi, Faisal Mohammed Abdulaziz Al-Khudairi, Mohammed Saud Abdalla Al-Samari, Faisal Abdalla Mohammed Al-Qahtani, Mohammed Yagoub Yossif Al-Mukhadab, and Mohammed Hindi Shujaa Al-Otaibi.

In July 2020, Wafrah said it received a letter from shareholders, owning around 7.14% of capital, requesting to take regulatory measures with regards to the dismissal of the current board of directors and the appointment of a new one, Argaam reported. The company had also received a letter from shareholders, owning around 7.14% of the company’s capital, requesting dismissal of the current audit committee and its restructuring.