| Element List | Explanation |
|---|---|
| Announcement Detail | Based on the provisions of Paragraph (2) of Article Twelve of the Finance Companies Control System, and based on the provisions of Paragraph (6) of Article Fifty-Six of the Executive Regulations of the Finance Companies Control System, and based on SAMA No. (T/24049) proving a violation. Member of the Board of Directors, Walid bin Youssef Al-Ghamlas, and Member of the Board of Directors, Saad bin Abdulaziz Al-Hoshan, for subparagraph (C) of the first paragraph of Article Twelve of the Finance Companies Control System: |
Morabaha Marina Financing Company announces the termination of Board Member Walid bin Youssef Al-Ghamlas (non-executive member) and Board Member Saad bin Abdulaziz Al-Hoshan (non-executive member) from the company’s Board of Directors. Their dismissal is considered valid and enforceable from the date the Digital Payments Company for Financial Technology obtains financing from the Flexible Murabaha Finance Company, corresponding to 10/1/2023 AD.
The company confirms that the vacancy of the positions of members of the Board of Directors did not result in a violation of the conditions necessary for the validity of the Board of Directors, and the Board of Directors will, after obtaining a letter of no objection from the Central Bank, appoint two members temporarily to the vacant positions on the Company’s Board of Directors to complete the remaining term of the termination members’ membership, which began. On June 15, 2022 AD and ending on June 14, 2025 AD, the Board of Directors will present the appointment to the Ordinary General Assembly at its first meeting.
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