News & Announcements

MODERN MILLS

28 April, 2024 08:36

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

Element List	Explanation
Resigned Member Name	Abdulrahman Saud Alowais
Membership Type	Independent
Resignation Submission Date	2024-04-25 Corresponding to 1445-10-16
Resignation Effective Date	2024-04-25 Corresponding to 1445-10-16
Membership Starting Date for the Resigned Member	2023-09-11 Corresponding to 1445-02-26
Reasons of Resignation	Personal reasons

Element List	Explanation
Appointed Member Name	Nafez Riad Almorhabi
Membership Type	Independent
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
Board Approval	Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval

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