Savola Group — Board/Management Information 2018

Sep 6, 2018

The Savola Group announces the resignation of a Member of the Board of Directors and the Audit Committee and the appointment of a new Member

2050 · 06/09/2018 15:18:50 · Announcement #52047 · View on Saudi Exchange

The Savola Group announces the resignation of a Member of the Board of Directors and the Audit Committee and the appointment of a new Member

Savola Group announces its Board of Directors resolution adopted in the meeting held on 6th September 2018 accepting the resignation of Mr. Abdulaziz Ibrahim Alissa (an independent board member) from the Board of Directors and the Audit Committee memberships, which was submitted on 4th September 2018, due to his appointment in a government position. The resignation shall be effective as of 6th September 2018.

In light of this, the Board expressed its sincere thanks and appreciation to Mr. Abdulaziz Alissa for his valuable efforts and cooperation through his participation in the Board and its subcommittee's activities, wishing him all the success in his new position.

In this respect, also Savola announces the appointment of Mr. Mohammed Ibrahim Alissa in the Savola Group Board (as an independent board member) as well as a member of the Audit Committee replacing the resigned member Mr. Abdulaziz Alissa, who will complete the remaining terms of his predecessor effective from the Board's appointment resolution dated 6th September 2018 until the expiration of the current Board and Audit Committee's office terms on 30th June 2019. Noteworthy, the Board appointment resolution in the Board of Directors and the Audit Committee is not final and will be presented to the nearest General Assembly meeting for ratification.

It's worth mentioning that Mr. Mohammed Alissa holds a Bachelor Degree in Commerce, from the University of British Columbia, Vancouver, Canada (2006), and he is currently the Head of Balance Sheet Management and Investment at Saudi British Bank (SABB) since 2014; he has also served as a Board member of a number of companies such as the Board of Sukoon Real Estate Company Ltd and Al Aqeeq Real Estate Company. He also has great experience in financial management, investments, and capital markets.

In this respect, the Board wishes Mr. Mohammed Alissa all the success in spurting the Company business, the Board and its Committees.

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.