Aqaseem Shareholders Block Board Liability Discharge for 2025

Aqaseem Factory for Chemicals and Plastics Co. shareholders voted against discharging board members from liability for the fiscal year 2025, the company said in a filing. The decision came during the annual general meeting held Sunday.

Shareholders approved the remaining agenda items, including the board's report, the auditor's report, and the financial statements for the year. The vote on liability discharge was the only item that failed to pass.

The rejection does not automatically imply legal action or misconduct. Under Saudi corporate law, a vote against discharge means shareholders reserve the right to pursue claims related to the board's actions during the period. The board remains in place unless a separate removal vote is called.

Aqaseem, listed on the Saudi stock exchange, manufactures plastic and chemical products for industrial and consumer markets. The company did not provide additional detail on the reasons behind the vote or whether any shareholder group led the opposition.

The next annual meeting will give shareholders another chance to vote on discharge for the 2026 fiscal year.