SIDC Announced Resignation of an Audit Committee Member

Saudi Industrial Development Company (SIDC) announced the resignation of Mr. Ibrahim Bin Abdulaziz Bin Ibrahim Al Rashid (Member from outside the Board of Directors) from the Audit Committee membership for the current term which started on 01.01.2019 and the next term which will start on 01.01.2022 due to his business commitments, which was submitted on 09.12.2021.The resignation shall be effective as of 15.12.2021.

In this regard, the Board thanked and expressed its sincere appreciation to Mr. Ibrahim Bin Abdulaziz Bin Ibrahim Al Rashid for his considerable contributions, efforts, and cooperation through his participation in the Audit Committee activities, wishing him all the success in his future endeavors.

It is worth mentioning that the Audit Committee membership for current term and next term consists of four members, after the resignation of Mr. Ibrahim Bin Abdulaziz Bin Ibrahim Al Rashid, which is in line with the relevant laws, regulations, and Committee’s Charter that determined the membership to comprise of 3 to 5 members.