Investor and Media Centre

DEPA BOARD NAMES MOHAMED AL FAHIM AS CHAIRMAN

Sep 15 ,2014

Dubai, UAE; 15 September 2014: Depa Limited (Nasdaq Dubai: Depa), one of the world’s leading interior contracting companies, announces the appointment of Mr. Mohamed Ali Al Fahim as Chairman of the Company. This follows the resignation of Mr. Hasan Ismaik on the 25 June 2014. The appointment was approved unanimously by the Board of Directors Meeting on the 8 September 2014.

 

Mr Al Fahim has previously chaired Depa’s Audit & Compliance Committee and acted as a Non-executive Director since May 2013. He is currently an Executive Board member and acting CEO of Arabtec Holding PJSC, and the Head of Finance at the Finance & Accounts department of International Petroleum Investment Company (IPIC). He is also a Non-executive board member of a number of companies, including Aabar Investments PJS, First Energy Bank, RHB Group, Oasis Capital, Al Izz Islamic Bank, Energias De Portugal (EDP) and UniCredit SpA. Mr Al Fahim holds a B.Sc. in Finance from Suffolk University, USA.

 

The Board further approved the appointment of Mr Roderick Maciver, who is currently an Independent Non-executive Director of the Board, as Vice Chairman and also confirmed Mr Sayed Zakaria’s position as an Independent Non-executive Director, following his initial appointment on an interim basis on 25 August 2014. The Board is satisfied that Mr Zakaria meets the independency criteria as set out in the DFSA Markets Rules. The Board appointed Mr. Zakaria in line with the Company’s Articles of Association, his re-appointment will be subject to shareholder resolution at the Company’s next general assembly.

 

Furthermore, the Board approved the following changes to its committees:

 

  • Mr Al Fahim has ceased to be the Chairman of the Audit and Compliance Committee and the Nomination and Remuneration Committee
  • Mr Edward Quinlan has been appointed as Chairman of the Audit and Compliance Committee
  • The company will appoint a third member to the Audit and Compliance committee, a separate announcement will be issued in due course.
  • Mr Sayed Zakaria has been appointed to chair the Nomination and Remuneration Committee
  • Mr Roderick Maciver has been appointed to the Nomination and Remuneration Committee
  • Mr Tareq Abu Shreehah has ceased to be a member of the Nomination and Remuneration Committee
  • The Investment and Legal Committees have been dissolved as superfluous.

 

The current composition of the Board and its committees are as follows:

 

BOARD OF DIRECTORS

Current Directors

Status

Mohamed Al Fahim

Non-independent Non-executive Chairman

Roderick Maciver

Independent Non-executive Vice-Chairman

Abdullah Al Mazrui

Non-independent Non-executive

Khaldoun Tabari

Non-independent Non-executive

Wassel Al Fakhoury

Non-independent Non-executive

Iyad Abdalrahim

Non-independent Non-executive

Marwan Shehadeh

Non-independent Non-executive

Sayed Zakaria                 

Independent Non-executive

Fahad Al Nabet              

Independent Non-executive

 

 

AUDIT & COMPLIANCE COMMITTEE MEMBERS

Committee Members

Status

Edward Quinlan

Chairman External Advisor (Independent)

Iyad Abdalrahim

Non-independent

 

NOMINATION AND REMUNERATION COMMITTEE

Committee Members

Status

Sayed Zakaria

Chairman (Independent)

Khaldoun Tabari

Non-independent

 Roderick Mciver

Independent

 

These changes have been resolved during the board meeting of 8 September 2014 with immediate effect.

 

---ENDS---

 

For further inquiries, please contact:

Brunswick Gulf Ltd

 

Rupert Young / Jade Mamarbachi

Tel: + 971 4 446 6270

depa@brunswickgroup.com

 

 

For more information, please refer to the corporate website: www.depa.com

CONTACT US

Depa Group, Vision Tower,
35th Floor, P.O. Box 56338,
Dubai, U.A.E.
T: +9714-446-2100
F: +9714-446-2102
info@depa.com

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