Saudia Dairy and Foodstuff Co. ("SADAFCO") Announces the Formation of Audit Committee
| Element List | Explanation |
|---|---|
| Introduction | In reference to the Company's announcement dated 09-22-1445H (04-01-2024G) regarding the appointment of the Chairman and Vice-Chairman of the Board of Directors, and the formation of committees, and based on the decision of the Audit Committee issued on 09-25-1445H (04-04-2024G), the Company announces the formation of the Audit Committee for the new session of the Board of Directors that will commence on 01-04-2024 and conclude on 31-03-2024 for a four-year period as follows: |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Sheikh Sabah Mohammed A. Al-Sabah - Committee Chairman (Non-Executive Board Member) |
| Membership Start Date | 2024-04-01 Corresponding to 1445-09-22 |
| Brief Resume of the Appointed Member | Sheikh Sabah has more than 15 years of experience in diverse sectors, such as real estate, investment, and industry. Throughout this time, he played a pivotal role in fostering the growth and prosperity of companies in Kuwait and the Middle East. A key aspect of his contributions has been the development of strategies and work plans that prioritize the protection of shareholders' rights and drive optimal profitability. Furthermore, Sheikh Sabah has an experience in formulating the company's strategic objectives, risk strategy, and governance standards.
Sheikh Sabah has a bachelor’s degree in Business Administration and Organization from the College of Administrative Sciences, Kuwait University. |
| The date of the approval by other official authorities | Not Applicable |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Ihab Ibrahim M. Othman - Committee Member (Independent Board Member) |
| Membership Start Date | 2024-04-01 Corresponding to 1445-09-22 |
| Brief Resume of the Appointed Member | Mr. Ihab has a 25+ years of experience in starting up, acquiring, building, transforming, growing, restructuring, and dissolving public and private companies, Public-Private-Partnerships, and investments in the GCC, Africa, the Middle East, the United States, and Asia-Pacific. Specialist in; strategy, governance & oversight, executive management, financial management, mergers & acquisitions, private equity, due-diligence, business development, product development, branding, operations, IT, sustainability, and ESG.
Mr. Ihab holds a Bachelor of Science, Electrical Engineering from New York Institute of Technology, USA, in 1996, a Master of Business Administration, Finance & Strategy from University of Oxford, UK, in 2009 and a Master of Public Administration, Public Private Partnerships & Infrastructure Finance from Harvard University, USA, in 2016. |
| The date of the approval by other official authorities | Not Applicable |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Mickey Zacharia - Committee Member (Non-Board Member) |
| Membership Start Date | 2024-04-01 Corresponding to 1445-09-22 |
| Brief Resume of the Appointed Member | Mr. Mickey has over 30 years' experience in strategic planning, development, evaluation, and coordination in finance. Moreover, he has experience in guiding business decisions through financial planning, accurate and complete accounting in compliance with regulatory requirements, reporting and interpretation of financial information and establishing sound internal controls.
Mr. Mickey holds a Bachelor degree in Accountancy from St Xavier's College, India (1989), and Chartered Accountancy (ACA) and Chartered Management Accountancy (CMA) certifications. |
| The date of the approval by other official authorities | Not Applicable |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Mohammed Ahmed Sobh - Committee Member (Non-Board Member) |
| Membership Start Date | 2024-04-01 Corresponding to 1445-09-22 |
| Brief Resume of the Appointed Member | Mr. Mohammed brings over 30 years of experience in Finance and Stewardship, with a strong track record in internal controls and corporate accounting. His diverse range of responsibilities includes overseeing internal controls related to fraud, bribery, and improper business dealings, conducting internal audits of financial reporting and Business Activities, ensuring compliance with accounting and financial reporting standards, managing forecasting and budgeting processes, developing and implementing policies and procedures, demonstrating expertise in tax matters, governing risk assessment activities, spearheading initiatives and requirements for tax and legal compliance, managing information security while effectively managing projects.
Mr. Mohammed holds a Bachelor’s degree in finance and accounting from King Abdulaziz University in Jeddah, Saudi Arabia graduated on 1981. |
| The date of the approval by other official authorities | Not Applicable |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Moustapha Samir Chami - Committee Member (Non-Board Member) |
| Membership Start Date | 2024-04-01 Corresponding to 1445-09-22 |
| Brief Resume of the Appointed Member | Mr. Moustapha is a financial executive with over 20 years of progressive experience in the financial services, media & technology, and real estate sectors. He has excellence in various areas, including financial reporting, corporate finance, mergers and acquisitions (M&A), and compliance.
Mr. Moustapha holds a Bachelor of Business Administration from USJ University, Lebanon (2002), and a Masters of Business Administration (MBA) from USJ University, Lebanon (2003). He has also obtained several professional certifications, including CPA, CFA, CMA, CFM, and Certified IFRS from ACCA (UK) in 2012. |
| 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 | 2024-04-01 Corresponding to 1445-09-22 |
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