Ash-Sharqiyah names Ali Al-Jaafari as chairman, Bandar Al Mahmoud as vice chairman

Ash-Sharqiyah Development Co.’s board of directors approved on July 20, 2020 the appointment of Ali Bin Yahya Al-Jaafari as the company’s chairman (non-executive) and Bandar Bin Muhammad Al Mahmoud as vice chairman (independent), it said in a bourse statement on Tuesday.

The company said this is in line with the decision of the ordinary general meeting, held in June as regards the election of a new board of directors starting from July 20, 2020 for a three-year term.

Moreover, the board announced the formation of the nomination and remuneration committee with the following members:

-Bandar Bin Muhammad Al-Mahmoud - President (Independent)

-Mansour bin Abdul Khaleq Al-Ghamdi - Member (Independent)

-Fares bin Hamad Al-Faris - Member (Independent)

The board approved appointing executive committee with the following members:

-Ali Bin Yahya Al-Jaafari - President (non-executive)

-Mansour bin Abdul Khaleq Al-Ghamdi - Member (Independent)

-Mohammed bin Abdullah Al-Hujaylan - Member (Executive).

The board also announced appointment of the company’s representatives for the Capital Market Authority for purposes related to the implementation of the Authority's law and executive regulations. The board also appointed company’s representative for Tadawul for listing purposes.

The company noted that the audit committee was not approved for appointment by the Ordinary General Assembly held on July 12, 2020, adding that an ordinary generally assembly will be invited later whose agenda includes the appointment of the audit committee.