Management Decisions

Riyadh – Mubasher: The equityholders of Saudi Ceramic Company (Saudi Ceramics) greenlighted, during the 26 June extraordinary general meeting (EGM), a capital hike by 25% to SAR 1 billion from SAR 800 million, according to a bourse disclosure. The …

Cairo – Mubasher: The Financial Regulatory Authority (FRA) passed the capital raise requests of Abu Dhabi Islamic Bank–Egypt (ADIB Egypt) and e-finance for Digital and Financial Investments, according to bourse disclosures. ADIB Egypt will …

Riyadh – Mubasher: Prefect Presentation for Commercial Services (2P Prefect Presentation) and Pan Gulf Marketing Company obtained the shareholders’ approval, on 25 June, to increase their capital. 2P Prefect Presentation will raise its capital by …

Riyadh – Mubasher: The shareholders of United International Transportation Company (Budget Saudi) approved the board’s recommendation to increase the capital and acquire all shares of Al Jazeera Equipment Company Limited (AutoWorld). The new …

By: Abdel Razek El-Showeikhy Cairo – Mubasher: Egypt’s new government formation will be announced this week and the new ministers will take a constitutional oath before President Abdel Fattah El-Sisi at the beginning of next week, parliamentary …

Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has appointed Chairman, Vice Chairman, and a Managing Editor. The company’s board appointed Ibrahim Mohammed Alhudaithi as Chairman, according to a bourse filing. The board also named …

Riyadh – Mubasher: United International Transportation Company (Budget Saudi) appointed Ibrahim Saad Al Mojel as the board’s Chairman for the next four years. Abdulwahab Abdulkarim Albetari was named as the Vice Chairman, according to a bourse …

Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) submitted an application file, on 13 June, to the Capital Market Authority (CMA) to reduce its capital by SAR 265 million. The new capital will stand at SAR 135 million distributed …

Abu Dhabi – Mubasher: RAK Properties Company has received the approval of the Securities and Commodities Authority (SCA) to raise its issued capital to AED 3 billion from AED 2 billion, according to a bourse filing on 20 June 2024. The amended …

Abu Dhabi – Mubasher: Maritime organisation Al Seer Marine Supplies and Equipment, a subsidiary of the listed International Holding Company (IHC), has appointed Gunther Alvarado as its Deputy CEO, according to a bourse filing. Alvarado will be …

Riyadh – Mubasher: Raydan Food Company announced the resignation of Omar Rabeh Al Sulami from his position as the company’s Chairman, according to a bourse filing. Nair Bayan Al Sulami, who is the current Vice Chairman, took over the role of the …

Cairo – Mubasher: The Financial Supervisory Authority (FRA) of Emaar Misr for Development approved the company’s request to raise its issued capital by EGP 3.19 billion. The EGX-listed firm will acquire Albro North Coast for Developments and …

Riyadh – Mubasher: The board members of Middle East Paper Company (MEPCO) accepted the resignation of Sami Ali Al Safran as the company’s CEO. Jan Renders, a current board member, took over as an acting CEO of MEPCO on 13 June, according to a …

Dubai – Mubasher: Mohamed Abdulrahman Amiri resigned from his position as the Vice Chairman of Gulf Navigation Holding (GNH). Abdulrahman Mahmoud Al Afifi will succeed Amiri, according to a bourse disclosure. The board accepted the resignation …

Abu Dhabi – Mubasher: Presight AI Holding elected, on 10 June, Sultan Ahmed Al Jaber as the Chairman of the board. Mansoor Al Mansoori was also announced as the Vice Chairman, according to a bourse disclosure. Al Jaber is the UAE’s special envoy …

Abu Dhabi – Mubasher: Invest Bank’s CEO Ahmed Mohamed Fawzi Abu Eideh has resigned effective 11 June 2024. The bank’s board assigned the CEO role to a member of the senior management for an interim period, according to a bourse filing. The board …

UAE – Mubasher: The UAE Cabinet approved 2,160 new housing decisions for citizens valued at AED 1.68 billion, according to the Emirates News Agency (WAM). These decisions aim to achieve social stability in line with the UAE's ongoing policies to …

Mubasher: Ithmaar Holding, which is listed on Bahrain Bourse as well, has selected Maysan Faisal Almaskati as CEO for the company and its two subsidiaries; Ithmaar Bank and IB Capital. Before assuming the new position, Almaskati served as Ithmaar …

Riyadh – Mubasher: The board members of ACWA Power Company recommended, on 10 June, a capital hike through a rights issue valued at SAR 7.12 billion. The board’s recommendation is subject to the approval of the relevant regulatory authorities and …

Cairo – Mubasher: The extraordinary general meeting (EGM) of Alexandria Container and Cargo Handling Company approved increasing the authorised capital to EGP 2 billion from EGP 1 billion. The shareholders also agreed to raise the issued and …

Riyadh – Mubasher: The shareholders of Sumou Real Estate Company greenlighted a 33.33% capital hike to SAR 500 million from SAR 375 million, according to a bourse disclosure. The number of shares will stand at 50 million shares, higher by 12.50 …

Riyadh – Mubasher: Ahmed Saleh Al Sultan resigned from his position as the CEO of Thob Al Aseel Company on 5 June 2024, which is set to become effective on 13 June. Abdulrahman Saeed Al Maleh took over the role as the company’s new CEO, according …

Riyadh – Mubasher: Abdulaziz & Mansour Ibrahim Albabtain Company (Al Babtain Food) has appointed Mansour Ibrahim Abdullah Ababtain as the board’s Chairman for the next three years. Abdul Aziz Ibrahim Abdullah Al Babtain was announced as the Vice …