Batic Investment and Logistics Co. Announces the resignation of a member of the Board of Directors and the Audit Committee and the appointment of a new member of the Board of Directors and the Audit Committee
| Element List | Explanation |
|---|---|
| Introduction | BATEC Investment and Logistics Company announces the Board of Directors’ decision issued on September 28, 2023 to accept the resignation of Mr. Basil Fahd Al-Sultan from the position of member of the Board of Directors and from the membership of the Audit Committee, which he submitted on September 27, 2023 for personal work circumstances, and is effective from the date of September 28, 2023.
The Board of Directors appointed Mr. Turki Ahmed Al-Obailan to the position of a member of the Board of Directors and a member of the Audit Committee, effective September 28, 2023 until the end of the current Board session. |
| Element List | Explanation |
|---|---|
| Resigned Member Name | Basel Fahad Al- Sultan |
| Membership Type | Independent |
| Resignation Submission Date | 2023-09-27 Corresponding to 1445-03-12 |
| Resignation Acceptance Date | 2023-09-28 Corresponding to 1445-03-13 |
| Resignation Effective Date | 2023-09-28 Corresponding to 1445-03-13 |
| Membership Starting Date for the Resigned Member | 2023-04-03 Corresponding to 1444-09-12 |
| Reasons of Resignation | personal work circumstances |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Turki Ahmed Al-Obailan |
| Membership Type | Non- Executive |
| Membership Start Date | 2023-09-28 Corresponding to 1445-03-13 |
| Brief Resume of the Appointed Member | Mr. Turki Ahmed Al-Obailan has many experiences in the financial and regulatory field, which he acquired through his previous work for nearly 13 years at the Saudi Central Bank (SAMA) in the General Administration of Banking Control - Banking Inspection - and Head of On-site inspection for Local Banks. He also worked as head of a number of real estate companies.
He currently serves as a member of the Board of Directors and Chairman of the Audit, Nominations and Remuneration Committee at Jazan Energy and Development Company, as well as a member of the Audit Committee at Gulf Insurance Group. Mr. Al-Obailan holds a Master’s degree in Business Administration (MBA) from the University of Hull in the United Kingdom class of 2008. He also holds a Bachelor’s degree in Financial Management from King Saud University class of 2001, as well as partaking in a number of professional courses in the field of leadership, auditing, credit and risk. |
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2023-09-28 Corresponding to 1445-03-13 |
| Board Approval | Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval |
| Additional Information | The Board of Directors extends its sincere thanks and appreciation to Mr. Basil Fahd Al-Sultan for his contributions during his time as a member of the Board of Directors and through his membership in the Audit Committee and wishes him continued success. The Board of Directors also wishes Mr. Turki Ahmed Al-Obailan success in his duties as a member of the Board of Directors and supporting the work of the Audit Committee. |
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