Persian Gulf Petrochemical ordinary assembly fails to reach quorum, board election postponed

Mehr News Agency reported on Tuesday, 6 Mordad 1405 (28 July 2026), that the extraordinary ordinary general assembly of Persian Gulf Petrochemical Industries Company, traded under the symbol Fars, failed to convene because it did not reach the legal quorum, and the election of new board members was postponed.

According to the official announcement, only 43.9 percent of voting shareholders attended, whereas holding the assembly requires the presence of more than 50 percent of voting shareholders. Hours earlier the same company's extraordinary general assembly had convened with 78.8 percent shareholder attendance and approved a capital increase.

Ahead of the assemblies, the Securities and Exchange Organisation had written formally to the holding's chief executive, noting the expiry of the board members' terms, the failure to elect new members, and the need to align the company's articles of association with the approved model articles, stating that until these matters were resolved the capital increase could not be approved. The postponement comes at a time when the previous board members' terms have already ended.