RIYADH: Herfy’s biggest shareholder has requested a meeting of stock owners to vote on the dismissal of a board member, the Saudi food services firm announced on Tuesday.
Savola Group requested the meeting so shareholders can vote on removing Mohammed Abdulaziz Alshetwey from his board seat.
Savola owns a 49 percent stake in the Saudi food services company, according to a company profile on the Saudi stock exchange.
Herfy, founded in 1982, owns an extensive set of restaurants and is one of the Kingdom’s first fully integrated food services company with its own bakery factory.
On Monday, Herfy announced that it had arranged a general assembly for Nov. 4 and invited shareholders to participate to decide whether to dismiss Chairman Mutaz Qusai Alazzawi.
The company said Ahmad Hamad Alsaid, a shareholder and a former chairman of Herfy, requested the meeting to vote on the chairman’s removal.
Herfy issued a statement addressing what it called “rumors” against the company, including accusations by Alsaid of “misrepresentation in the financial statements” of the Saudi firm.
The letter to shareholders, outlined a list of 11 statements regarding the conduct of Alsaid, including hiring relatives and supplying products to firms “not affiliated with Herfy outside of Riyadh”.
“The company’s management affirms that it did not intend to engage in these disputes, but in light of what is being circulated on social media regarding the company, it was the company’s duty to clarify the facts and take the necessary measures to move the company forward and strive to achieve everything that is in its best interest and the interest of its shareholders,” the statement said.
Herfy: key shareholder Savola requests vote on board member dismissal
https://arab.news/wguf7
Herfy: key shareholder Savola requests vote on board member dismissal
- On Monday, Herfy announced that it had arranged a general assembly for Nov. 4
Saudi Aramco raises $4bn in bond sale as investor demand holds strong
RIYADH: Saudi Aramco raised $4 billion through a multi-tranche bond sale, extending its run of international debt offerings as the world’s largest oil exporter taps strong investor appetite for Gulf investment-grade debt.
The notes were issued under the company’s Global Medium Term Note Program and priced on Jan. 26, Aramco said in a statement. The bonds are listed on the London Stock Exchange and span maturities from 2029 to 2056.
This comes as Aramco remains an active borrower in global markets, having raised $5 billion through a bond sale in June and a further $3 billion via an international sukuk in September, after completing a $6 billion bond deal and a $3 billion sukuk offering in 2024.
The latest transaction underscores the company’s ability to secure long-dated financing at competitive rates as it balances expansion spending with shareholder returns.
Ziad Al-Murshed, Aramco’s executive vice president and chief financial officer, said: “This issuance is part of Aramco’s focused strategy to further optimize its capital structure and enhance shareholder value creation.”
He added: “The attractive pricing achieved on the transaction reflects global investors’ continued confidence in Aramco’s financial strength and resilient balance sheet. We remain firmly committed to maintaining disciplined capital management and delivering long-term value to our shareholders.”
The notes include a $500 million tranche due in 2029 with a 4 percent coupon and a $1.5 billion tranche due in 2031 at 4.37 percent.
They also comprise a $1.25 billion tranche due in 2036 at 5 percent, alongside a $750 million 30-year tranche maturing in 2056 with a 6 percent coupon.
A key indicator of the transaction’s success and Aramco’s robust credit standing was the achievement of negative new issue premiums on three of the four tranches, the statement said.
The proceeds are expected to support the company’s ongoing capital expenditure programs, which include investments in both upstream oil and gas capacity and downstream chemical projects, as well as its strategic initiatives in new energy sectors.
The transaction highlights Aramco’s ability to leverage its superior credit profile to secure cost-effective financing, aligning its capital structure optimization with its broader ambition of sustainable value creation for its shareholders.
