MEPCO audit committee member resigns

Middle East Paper Co.’s (MEPCO) board of directors approved, on Jan. 3, the resignation of the audit committee member Saleh Al-Fadhel (non-board member).

The resignation is effective as of Jan. 2, the company said in a statement to Tadawul.

Moreover, the board approved the appointment of Rakan Abunayyan as of Jan. 2, to take over Alfadhel's seat as an independent board member, in compliance with the regulations provided by the Capital Market Authority, the statement added.

Abunayyan's appointment is subject to the shareholders' approval, during the next general assembly meeting, MEPCO noted.

It is worth mentioning that Abunayyan served as CEO of Afaq Express, Chairman of Afaq Food, and a board member of Advanced Piping Solutions Co.

He held a number of professional investment roles in Vision Invest, Abunayyan Holding, and Abraaj Group.