News & Announcements

MODERN MILLS

28 April, 2024 08:39

Modern Mills for Food Products Co. Announces Resignation and Appointment Audit Committee 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 Audit Committee Member) due to personal reasons, effective from 25/04/2024. The Board has also (By Circulation) appointed Mr. Nafez Riad Almorhabi (Independent Board Member) as a member of the Audit Committee 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 Committee, while it wishes all success to Mr. Nafez Riad Almorhabi

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 Audit Committee Member) due to personal reasons, effective from 25/04/2024. The Board has also (By Circulation) appointed Mr. Nafez Riad Almorhabi (Independent Board Member) as a member of the Audit Committee 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 Committee, while it wishes all success to Mr. Nafez Riad Almorhabi

Element List	Explanation
Name of Resigning Member	Abdulrahman Saud Alowais
Resignation Submission Date	2024-04-25 Corresponding to 1445-10-16
Resignation Effective Date	2024-04-25 Corresponding to 1445-10-16
Reasons for Resignation	Personal reasons
Resigning Member Start Date	2023-10-19 Corresponding to 1445-04-04

Element List	Explanation
Appointed Member Name	Nafez Riad Almorhabi
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

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