SPIMACO refuses shareholder request to sack board of directors

Saudi Pharmaceutical Industries & Medical Appliances Corp.’s (SPIMACO) ordinary general assembly meeting on Jan. 10 refused the request of shareholder Amin bin Mohammed Shaker to dismiss the board of directors.

The general assembly also refused Shaker’s request to dismiss the members of the auditing committee, the company said in a statement to Tadawul today.

Shaker owns more than a 5 percent stake in the firm.

Meanwhile, the shareholders approved the new board of directors for the three-year term starting on April 3, 2019, the statement said.

The new board of directors will convene at a later time to choose the chairman, vice-chairman and committee members, it said.

According to data compiled by Argaam, Last August, SPIMACO said it received a letter from its shareholder Amin Shaker, requesting to hold an extraordinary general assembly meeting to vote on sacking all board members.