Herfy Food Services Co.(6002.SA) , a prominent Saudi food services firm, announced on Tuesday that its largest shareholder,  Savola Group(2050.SA) , has requested a meeting of stock owners to vote on Mohammed Abdulaziz Alshetwey's dismissal from the board. According to the Saudi stock exchange, Savola holds a 49 percent stake in Herfy and seeks to remove Alshetwey amid ongoing corporate tensions.

Founded in 1982, Herfy operates a vast network of restaurants and stands as one of Saudi Arabia’s pioneering fully integrated food services companies, with its bakery factory.

In a related development, Herfy stated on Monday that it had scheduled a general assembly for November 4, inviting shareholders to determine whether Chairman Mutaz Qusai Alazzawi should be dismissed. The call for this meeting came from Ahmad Hamad Alsaid, a shareholder and former chairman of Herfy, who requested the vote on Alazzawi’s removal.

Herfy addressed circulating “rumors” about the company, including allegations made by Alsaid of “misrepresentation in the financial statements.” The company issued a detailed letter to shareholders listing 11 points concerning Alsaid’s conduct, such as employing relatives and providing products to firms unaffiliated 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,” stated Herfy.