Saudi Paper names Abdullah Al Enazi new MD after dropping all lawsuits

16/06/2020 Argaam

 

Saudi Paper Manufacturing Co. (SPM) dropped on March 23 all lawsuits against former board member Abdullah Owdah Al Enazi, the company said in a bourse statement on Tuesday.

 

The decision came as the court issued a preliminary judgement on rejecting SPM’s claims.

 

Moreover, these lawsuits have also proved infeasible for the company.

 

SPM added that the decision is not expected to have any financial impact on its operations.

 

On the other hand, the company’s board of directors approved on March 25 appointing Al Enazi as new managing director and executive board member, with immediate effect.

 

The decision will be submitted to shareholders in the upcoming general meeting for approval, the company said in a bourse filing on Tuesday.

 

Al Enazi has 25 years of experience in executive management. He had earlier served as the CEO of the paper manufacturer, and other industrial companies.

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