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The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) Announces Resignation and Appointment of Audit Committee Member
| Element List | Explanation |
|---|---|
| Introduction | The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company (MEDGULF) announces that the Board of Directors, in its meeting dated 22/07/1447 (corresponding to 11/01/2026), approved the resignation of Mr. Faisal bin Abdullah Al-Jasir from his membership of the Audit Committee, and the appointment of Mr. Ziyad bin Bassam Al-Bassam as a member of the Audit Committee, effective from the date of approval by the Insurance Authority. The Board of Directors extends its sincere gratitude and appreciation to Mr. Faisal bin Abdullah Al-Jasir for his valuable efforts and contributions during his tenure on the Audit Committee, and wishes him continued success and prosperity in his roles on the Company’s Board of Directors and the Risk Committee. |
| Element List | Explanation |
|---|---|
| Name of Resigning Member | Faisal bin Abdullah Al-Jasir |
| Resignation Submission Date | 2026-01-11 Corresponding to 1447-07-22 |
| Resignation Effective Date | 2026-02-04 Corresponding to 1447-08-16 |
| Reasons for Resignation | In response to his desire not to continue as a member of the committee after the completion of the relevant stage of the merger process, and in line with the Board of Directors’ desire to provide an opportunity to include a member from the merged company to represent it on the committee, and to enable him to contribute his expertise to its work during the next stage. |
| Resigning Member Start Date | 2025-05-08 Corresponding to 1446-11-10 |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Ziyad bin Bassam Al-Bassam |
| Membership Start Date | 2026-02-04 Corresponding to 1447-08-16 |
| Brief Resume of the Appointed Member | Holds a Bachelor's degree in Business Administration from King Abdulaziz University in Jeddah, with over 36 years of experience in real estate development, insurance, and trade. He has held several leadership positions, most notably as CEO of Al Bassam Group and Board Member of Buruj Cooperative Insurance Company, and is recognized as a distinguished professional in business management and real estate investment. |
| The date of the approval by other official authorities | 16/08/1447 corresponding to 04/02/2026 |
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2026-01-11 Corresponding to 1447-07-22 |
| Additional Information | Not Applicable |
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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