Arab Sea EGM OKs changes in company objectives, cuts board size

Arab Sea shareholders approve reducing the board from eight to six members

Arab Sea Information Systems Co.’s shareholders approved amendments to Article 3 of the articles of association related to the company's objectives during the extraordinary meeting (EGM) held on Dec. 17.

In a statement to Tadawul, the company said the amendments included adding several items, including providing payment services for points of sale, secure and smart electronic channels (ATMs/cash deposit machines), fintech services and solutions, as well as management and leasing of owned or leased non-residential real estate.

Meanwhile, shareholders approved an amendment to Article 16 on the company's management, reducing the number of board members from eight to six.