Saudi Advanced Industries Co. Announces Resignation of a Board Member
| Element List | Explanation |
|---|---|
| Introduction | The Saudi Advanced Industries Company announces that, with reference to the company’s previous announcement on 06/06/2022 that the company received letters of resignation from Mr. Yazeed Khaled Al-Shthri and Mr. Bader Khaled Al-Shathri The company would like to clarify to the honorable shareholders that the resignation of the two members came before the first meeting of the new board of directors, and both of the resigning members gave the reason for their resignation, as stated “because there are those who are trying to infiltrate the company by forming irregular blocs to enter the board of directors and that they cannot be part of any irregular tampering It does not serve the company."
The Board of Directors took the legal measures through the Nominations Committee, where it sent a letter to the two resigning members on 6/6/2022 asking to confirm the causes with evidence, proofs and presumptions. The company did not receive any response from the two resigning members in this regard until the date of this announcement. The company confirms that the dismissal of the previous board of directors and the appointment of the current board was carried out in a regular manner in accordance with Article 68 of the Companies Law issued by Royal Decree No. M/3 dated 11/28/1437 AH and Articles 18 and 19 of the company's articles of association. Accordingly, the Board of Directors decided to accept the resignations submitted by the two members and to reserve the reasons for the resignation. The Board of Directors and the company retain their legal and legal rights. The Board of Directors also affirms its keen interest in transparency and clarity in the interest of shareholders. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Mr. Yazeed Khaled Al-Shthri
Mr. Bader Khaled Al-Shathri |
| Membership Type | Non- Executive |
| Resignation Submission Date | 2022-06-04 Corresponding to 1443-11-05 |
| Resignation Acceptance Date | 2022-06-23 Corresponding to 1443-11-24 |
| Resignation Effective Date | 2022-06-04 Corresponding to 1443-11-05 |
| Membership Starting Date for the Resigned Member | 2022-05-31 Corresponding to 1443-11-01 |
| Reasons of Resignation | because there are those who are trying to infiltrate the company by forming irregular blocs to enter the board of directors and that they cannot be part of any irregular tampering It does not serve the company |
Comments