Riyadh - Mubasher: The ordinary general meeting (OGM) of Tourism Enterprise Company (Shams) approved the dismissal of the company’s current board of directors.
The meeting, convened in Al Khobar with a 41.30% shareholder attendance rate, followed a request from investors holding 10.04% of the company's capital.
The dismissal request was based on several performance concerns, including financial and operational results that fell below shareholder expectations, the accumulation of losses leading to a decline in equity, and the inefficient utilization of resources for core business development.
Following the dismissal, shareholders elected a new board of directors for a four-year term beginning 17 July 2026 and ending 16 July 2030.
The newly elected members include Saif bin Faheed bin Ayed Al Harbi, Majed bin Nawar bin Saleh Al Otaibi, Fares bin Abdulrahman bin Ibrahim Al Fares, Nasser bin Khalaf bin Awad Al Barrak, Sarah bint Fahd bin Abdullah Al Subaie, Khalid bin Mohammed bin Ali Al Qazlan, and Fawaz bin Abdul Sattar bin Abdullah Al Alami.
The assembly meeting was held both physically at the Palm Beach Resort and virtually via modern technology.
