Cairo – Mubasher: Prime Holding announced that its vice chairman and CEO Khaled Rashed has been removed from the board of directors.

The board of directors has also decided to appoint Moustafa Abdel Monem Hassan El-Hayawan as a new board member, replacing Osama Abdel Moneim Mahmoud who submitted his resignation, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Khaled Rashed and Rafik Al Fahd Al Mansour have left the board meeting after a decision was taken to dismiss the security officer, the company said.

Moustafa El-Hayawan was assigned by the board to form a fact-checking committee that will examine all the decisions taken by the chairman and executives of Prime Holding and its affiliates.

The ordinary general meeting (OGM) will be called to review the contracts signed with the chairman and some executives.