MEPCO: Audit Committee Member Saleh Al-Fadhel Resigned, Rakan Abunayyan replaced him

Middle East Paper Company (MEPCO) announces the approval of the Board of Directors on 03 January 2023 on the resignation of the member of the Audit Committee, Mr. Saleh Abdulrahman Al-Fadhel (Member outside the Board) The resignation shall be effective from the date of 02 January 2023.‏
The Board also approved the appointment of Mr. Rakan Mohammed Abdullah Abunayyan (Independent Board Member) as of 02-01-2023, provided that this appointment is presented to the first meeting of the General Assembly for approval.
The company said Today on “Tadawul” that the reasons for resignation is an initiative by the audit committee member to leave a seat for an independent board member to join the committee, to be in line with the regulations of the Capital Market Authority. It indicated that Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval.
Rakan Muhammed Abdullah Abunayyan, is Chief Executive officer at Afaq Express, a fully integrated logistics company focusing on first-mile services, and Chairman of Afaq Foods, A restaurant operator with four brands.
Rakan is an investment professional with previously held positions at vision Invest in the asset management department as well as Abunayyan holding as an investment analyst and Abraaj Group as a private equity analyst. He was previously a Board member of advanced piping solutions, the largest glass-reinforced pipes manufacturer in the eastern region.