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Saudi Arabia’s Herfy Food Services Company (Herfy Foods) has received a request from its shareholders to hold a general assembly to vote and terminate the chairman and one other board member.
The fast food company told the Saudi Stock Exchange (Tadawul) today (Thursday) that it would take the necessary procedures regarding the request.
The chairman was not named in the bourse filing, but according to reports, Mutaz Qusai Alazawi was appointed chairman in May 2021. No reason was given for the request for termination, which was submitted by a shareholder who owns more than five percent of shares.
The company announced a net profit of SAR 161.7 ($43.1 million) for the full year 2021 compared with SAR 52.8 million in 2020.
(Writing by Imogen Lillywhite; editing by Seban Scaria)