With reference to its earlier announcement in regards to the appointment of three board members, Red Sea Housing Services Company announced that it has received a letter from the Ministry of Commerce and Industry on August 28, 2014 advising that the stipulated regulations in regards to the appointment of board members stated in Articles (66) and (67) of the Corporate Law shall be implemented.
Accordingly, the company has decided to apply the stipulated procedures for appointing new board members, which include obtaining prior approval from the Ministry of Commerce and Industry on the list of nominees and call for a general meeting to fill the newly created seats.
Thus, the appointment of the new board members will be effective only after the completion of the aforementioned procedures.