MCI has called upon the shareholders of Al Salehia Union Company, who have twenty shares or more to attend the Ordinary General Assembly Meeting on Sunday, 19/06/1436 AH, corresponding to 08/04/2015 AD, at 08.00 p.m. in the Four Seasons Hotel in Riyadh, to consider the agenda included the dismissal of the current members of the Board of Directors, and the election of the members for the new board of directors, effective from the date of the assembly meeting, and for a period of three years.
The Ministry has announced the start of the membership nomination for the new Board of Directors, from the shareholders who wish to nominate themselves, the nomination should be submitted to the Ministry on Tuesday, 19/05/1436 AH, corresponding to 10/03/2015 AD, maximum.
This comes from the keenness of the Ministry to carry out its duties to maintain the continuity of economic entities, to ensure their growth and to preserve and activate the shareholders' rights, and this is based on the principle of control for the application of the Corporation System issued by Royal Decree No. (M / 6) dated 22/03/1385 AH, and its amendments.
The Ministry has called upon the Ordinary General Assembly of Al Salehia Union Company shareholders (closed joint- stock company), due to the lack of response from the members of the Board of Directors to the Ministry`s letters, and since the Board of Directors had violated Article (84) of the Corporation System for not calling upon the Ordinary General Assembly, as well as violating Article (87) of the Corporation System for not responding to the requests made by the company's shareholders.
MCI would like to emphasize to all members of the Board of Directors at the joint-stock companies, not to violate the provisions of the Corporation System and to response quickly to the Ministry, so that the members of the Board of Directors can avoid investigation and imposing the penalties provided for in Article (229) of the Corporation System.