Dubai – Mubasher: Al Safwa Mubasher on Tuesday announced changes to its board of directors and articles of association following an ordinary general meeting (OGM) held the previous day.

The Dubai-listed company decided to amend its articles of association to reduce the number of board members to five. It also absolved the board.

The OGM elected a new board, comprising: Dr. Khalid Mohamed Alballaa, Mossad Farouk, Mohamed Abdulla Mustafa Abuzayeda Alhowatat, Ali Mohamed Alballaa, Ali Khalid Rashid Alballa, Muneeb Mohamed Ahmed, Rashid Mohamed Alballa, Mareyah Mohamed Ahmed Mohamed, and Murshed Mohamed Ahmed Mohamed.

The OGM decided “not to absolve the former managing director and not to vacate his responsibility,” according to Al Safwa Mubasher’s filing to the Dubai Financial Market (DFM).

It said it will take legal measures to guarantee shareholder and company rights.

Al Safwa Mubasher’s shareholders also decided to postpone the ratification of the balance sheet and profit-and-loss statements as well as postpone absolving KPMG from liability and the appointment of an auditor for 2019, the statement showed.

In a separate statement, Al Safwa Mubasher said its new board of directors will convene on Thursday, 28 June, as per the invitation made by the OGM.