Saudi Cable shareholders approve related party deals
Saudi Cable Co. shareholders approved four related party transactions to take place this year at the company’s general assembly meeting on Sunday, it said in a bourse statement.
Shareholders approved deals with XECA International for Information Technology Ltd, Midal Cables, Xenel Industries, and Hidada Ltd for amounts of SAR 5.3 million, SAR 73.1 million, SAR 2.8 million and SAR 143,000 respectively.
The general assembly also approved the company’s audited financials for fiscal year 2016, the audit report and board report for the same period, as well as the discharging of board members from liability for their activities during FY16.
In addition, shareholders elected board members for the upcoming term, and approved amended corporate governance regulations.
The new board of directors will include Khalid Alireza, Khaled Al Ajlan, Raed Khalid Alireza, Shaukat Aziz Sheikh Abdulaziz, Abdullah Hassan Masri, Adnan Maimani and Yousuf Alireza.
Shareholders also approved a board recommendation to appoint Mayser A. Nawalati and Dionysius Metzemaekers as board members effective July 31, 2017 and August 17, 2016 respectively.