Dismissal of the Board of Directors of "Wafra for Industry"

The Ordinary General Assembly of Wafrah for Industry and Development decided to dismiss the members of the Board of Directors based on the request submitted by some of its shareholders, who own shares of 7.14% of the company's capital.

According to Arabnet, the shareholders also agreed to dismiss the members of the audit committee, and to elect members of the board of directors from among the candidates for the next session, and its duration is 3 years and starts from the date of the assembly. Ordinary public.

It is reported that the company received a request from shareholders owning 7.14% of its shares, in which they demanded a vote to dismiss the members of the Board of Directors and the Audit Committee.

Wafra for Industry and Development announced an increase in net losses in the third quarter of 2020, by 51.46% to 2.73 million riyals, compared to about 1.8 million riyals for the quarter The third of last year.

the company attributed the increase in net losses to the increase in the cost of sales, selling and marketing expenses, as well as a provision for expected credit losses.

The company's results revealed that the net loss increased in the first nine months of 2020, to 2.08 million riyals, compared to 981.26 thousand riyals for the same period in 2019, an increase of 112.3%.

and the accumulated losses of the company amounted to about 2.08 million riyals, by the end of the first nine months of this year, equivalent to 2.7% of the capital of 77.17 million riyals.