Shareholders of Saudi Paper Manufacturing Co. (SPMC) will vote on March 12 on dismissing the existing board of directors upon request of two major shareholders, the company said in a bourse filing.
In case of board termination, shareholders will vote on electing a new board for the next three-year term ending on Mar. 11, 2023.
The general assembly will also discuss amending board membership policies, and the board recommendation on appointing Ibrahim Al Sheikh, Salah Al-Qahtani and Mohammed bin Saud as independent board members.
SPMC’s board approved on Jan. 21, 2020, terminating the membership of former CEO Hassan Asiree from the board based on Article 80 of the Labor Law, Argaam earlier reported.
Asiree said the company's previous announcement on terminating his board membership lacks credibility and fabricates the truth of what happened in the board meeting held on Jan. 21.
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