SAUDI CABLE

19 May, 2024 09:13

Saudi Cable Company Announces Resignation of two members of the Audit Committee Based on the company's Request to Resign from it

Element ListExplanation
Introduction Saudi Cable Company announces the resignation of the two members, Mr. Majid Bin Diaa Al-Din Karim and Mr. Muhammad bin Hassan Daghestani, from the Audit Committee, starting on 10/11/1445, corresponding to 18/05/2024, based on the request of the Chairman of the Audit Committee, due to that they did not disclose the signing of an existing debt capitalization agreement with the company. As the two members signed two separate agreements to transfer two debts with an original amounting to 12,450,320 riyals, and they obtained a discount from the creditor and paid to the creditor an amount of 6,655,522 riyals in exchange for an agreement with the company to issue 1,245,032 shares to them at nominal value (ten riyals) as part of the financial restructuring plan. The former CEO, Mr. Nael Fayez, signed the agreement with them without having any authority or authorization to determine the share price, and the two members did not disclose this agreement to the Board of Directors and the General Assembly of the company. Accordingly, the Board of Directors decided to accept their resignation graciously and cancel the agreement signed with them. The fourth paragraph of Article Five of the Company’s "Conflict of Interest Policy and Code of Conduct and Ethics regulations" stipulates: (If a member of the Board of Directors or a member of one of committees did not disclose his interest, the Company or any interested party may demand before the competent judicial authority to invalidate the contract or oblige the member to perform any He gained profit or benefit from that, and the company may terminate his membership - if he is not a member of the Board of Directors - or terminate his employment contract, and if he is a member of the Board of Directors, the Board of Directors may recommend to the general assembly to remove him). The text of the resignation of the two members stated that they resigned due to work commitments and personal circumstances, wishing the company success and prosperity. The company confirms that it will take the necessary legal procedures against those who violate the company's interests and the rights of its shareholders, according to the applicable regulations, which protect the company's rights and the interests of its shareholders.
Element ListExplanation
Name of Resigning Member Mr. Majid bin Diaa Al-Din Karim
Resignation Submission Date 2024-05-18 Corresponding to 1445-11-10
Resignation Effective Date 2024-05-18 Corresponding to 1445-11-10
Reasons for Resignation Based on the request of the Chairman of the Audit Committee, for not disclosing the signing of an existing debt capitalization agreement with the Company.
Resigning Member Start Date 2024-04-04 Corresponding to 1445-09-25
Element ListExplanation
Name of Resigning Member Mr. Muhammad bin Hassan Daghestani
Resignation Submission Date 2024-05-18 Corresponding to 1445-11-10
Resignation Effective Date 2024-05-18 Corresponding to 1445-11-10
Reasons for Resignation Based on the request of the Chairman of the Audit Committee, for not disclosing the signing of an existing debt capitalization agreement with the Company.
Resigning Member Start Date 2024-04-04 Corresponding to 1445-09-25

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