FRA rejects Sameem Capital request to disband Prime Holding’s board

The Financial Regulatory Authority (FRA) has rejected requests by shareholders to disband Prime Holding’s board of directors, according to a regulatory disclosure (pdf). Activist investor Sameem Capital, which owns 27% of Prime, had lodged a complaint with the FRA and threatenedlegal action alleging that a reshuffle which gave Sameem Capital only one seat on the board violated company rules.