Saudi Paper Manufacturing Co.’s (SPM) board of directors decided on Jan. 21 to terminate the services of the chairman of the board Fahad bin Mohammed AlDawood for violating the rules.

 

The company said in a statement to Tadawul that the appointment of a new chairman of the board will be announced after his election.

 

The delay in announcing the board’s decision is due to the time taken in ascertaining the legality of the process and in meeting the necessary regulatory requirements, the statement also said.

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