The Savola Group Announces the Appointment of Two Members in the Audit Committee

Element ListExplanation
Announcement Detail Reference to the Company Extraordinary General Assembly meeting held on Wednesday, 8/5/2019, which resolved the formation of the Audit Committee consisting of three members for the new office term that has started as of 1/7/2019 and for a period of three years and three months (and will end; on 30/9/2022).

In light of the Audit Committee’s Charter approved by the General Assembly, the Savola Group announces that its new Board of directors resolved on 1/7/2019 the appointment of two new members in the Audit committee (their membership starts (on 1/7/2019) and ends with Audit Committee term). This brings the total number of Audit Committee members to five members. The new members are:

1) Mr. Mohammad Ibrahim Al Issa (Independent Board Member)

2) Mr. Bader Hamad Al Rabiah (Independent Board Member)

The Board’s approval appointing the above mentioned two new members is not final, and will be submitted to the upcoming General Assembly meeting for ratification.

It's worth mentioning that Mr. Mohammed Alissa holds a Bachelor Degree in Commerce, from the University of British Columbia, Vancouver, Canada (2006), and he was the Head of Balance Sheet Management and Investment at Saudi British Bank (SABB); he was a member of Savola Group Audit Committee for the previous term. He also served as a Board member of a number of companies such as the Board of Sukoon Real Estate Company Ltd., and Al Aqeeq Real Estate Company. He has extensive experience in financial management, auditing, investments, and capital markets.

Mr. Bader Hamad Al Rabiah holds a Bachelor Degree in Accounting, from Kuwait University, (2003), and he is a member of Kuwait Association of Accountants & Auditors and Kuwait Economic Society. He is also a member of Audit Committee in Mezzan Bank and a member of Audit Committee & Chairman of Risk Management Committee of Noor Financial Investment Co. In addition, he is currently the CEO of Noor Al-Salhiya Real Estate Co. and the Vice Chairman of its Board. He also serves as a Board member of a number of companies that operate in the field of Contracting, Real Estate management, General Trading and investments.

Accordingly, the composition of the Audit Committee will be as follow:

1-Mr. Fahad A. Al Kassim (Independent Board Member) Chairman (appointed by the GA)

2-Dr. Abdul Raouf Banaja (external expert) member (appointed by the GA)

3-Dr. Ammr Khalid Kurdi (external expert) member (appointed by the GA)

4- Mr. Mohammad Ibrahim Al-Issa (Independent Board Member) member.

5- Mr. Bader Hamad Al Rabiah (independent Board member) member.

In this respect, the Board of Directors wishes the new members and the Committee all the success in performing their duties and responsibilities.

Attached Documents

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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