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Modern Mills for Food Products Co. Announces Resignation and Appointment of a Board Member
| Element List | Explanation |
|---|---|
| Introduction | Modern Mills Company announces the Board of Directors' resolution (By Circulation) on 25/04/2024 approving the resignation of Mr. Abdulrahman Saud Alowais from the position of (Independent Board Member) due to personal reasons, effective from 25/04/2024. The Board has also (By Circulation) appointed Mr. Nafez Riad Almorhabi as an (Independent) Board Member effective from 26/04/ 2024, until the end of the current Board term, which expires on 15/08/2027. The Board of Directors extends sincere thanks and appreciation to Mr. Abdulrahman Saud Alowais for the efforts and contribution he put during his tenure with the Board, while it wishes all success to Mr. Nafez Riad Almorhabi. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Abdulrahman Saud Alowais |
| Membership Type | Independent |
| Resignation Submission Date | 2024-04-25 Corresponding to 1445-10-16 |
| Resignation Effective Date | 2024-04-25 Corresponding to 1445-10-16 |
| Membership Starting Date for the Resigned Member | 2023-09-11 Corresponding to 1445-02-26 |
| Reasons of Resignation | Personal reasons |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Nafez Riad Almorhabi |
| Membership Type | Independent |
| Membership Start Date | 2024-04-26 Corresponding to 1445-10-17 |
| Brief Resume of the Appointed Member | Mr. Nafez Riad Almorhabi has got an experience of more than 25 years in FMCG and retail as well as Financial Consulting. He spent 14 years at Savola Group where he held many executive positions in its Food, Retail, and Packaging sectors, and the last of which was the Chief Investment Officer of the Group. Later on, Nafez joined KPMG Professional Services, where he led its M&A practice as well as becoming the Chief Operating Officer for the firm in Saudi Arabia and the Levant countries |
| The date of the approval by other official authorities | not applicable |
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2024-04-25 Corresponding to 1445-10-16 |
| Board Approval | Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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