Saudi Paper submits complaint to CMA on suspected violations by former board chairman

02/12/2019 Argaam

 

Saudi Paper Manufacturing Co. (SPMC) filed on Dec. 2 a complaint with the Capital Market Authority (CMA) against a former board chairman and a shareholder that requested dismissal of the existing board, claiming compensation for suspected violations.

 

The paper manufacturer said in a bourse statement that it will announce relevant legal updates later on.

 

In late October, SPMC received a letter from two major shareholders, who requested holding a general assembly meeting to vote on the existing board dismissal and new board election.

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