Shams shareholders dismiss board, elect new directors

Shareholders of Tourism Enterprise Co. (Shams) approved the dismissal of the company's board of directors following a request from shareholders holding 10.04% of its capital, according to a Tadawul filing.

This came during the ordinary general meeting held on July 16.

The requesting shareholders are Saeed Babaker, Lama International Investment Co., and Saleh Abdulaziz Babaker Sons Co.

The shareholders cited weaker-than-expected financial and operating performance, persistent accumulated losses that eroded shareholders' equity, and the board's failure to make optimal use of the company's resources to develop its core business as reasons for the dismissal.

Shareholders also elected a new seven-member board for a four-year term ending on July 16, 2030.

The new board comprises Saif Al Harbi, Majed Al Otaibi, Fares Al Fares, Nasser Albarrak, Sarah Al-Subaie, Khalid Al-Guzlan, and Fawaz Al Alami.