Herfy board proposes AoA amendment

A branch of Herfy Food Services Co.

Herfy Food Services Co.’s (Herfy Food) board of directors recommended, on Aug. 10, to amend the company’s articles of association (AoA), in accordance with the New Companies Law and the Capital Market Authority’s (CMA) amended Corporate Governance Regulations and executive regulations.

In a statement to Tadawul, Herfy pointed out that the amendments canceled the 99-year duration specified as company term.

The AoA amendments also included transferring the statutory reserve balance to the retained earnings account as of the date of the general assembly meeting.

The said proposals are subject to the approvals of competent authorities and Herfy’s shareholders, the statement noted.