Ash-Sharqiyah Development Co.’s audit committee member, Jassim Al-Rumaihi, submitted his resignation on Feb. 12, according to a statement to Tadawul.
The company’s board of directors appointed Bassam Al-Baqawi to replace Al-Rumaihi, effective as of Feb. 12.
Al-Baqawi holds a BA of Administrative Sciences in Accounting from Qassim University and a Master’s Degree of Accounting from the University of Arkansas.
The board decision is subject to the approval of the upcoming general meeting, the statement added.
Worth mentioning that Al-Rumaihi resignation was attributed to the fact that the member should not be joining the audit committees of more than five listed joint stock companies at the same time, in accordance with Article 51 (Paragraph G) of the Corporate Governance Regulations issued by the Capital Market Authority (CMA).
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