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On May 29, 2024, the National Cement Company PSC disclosed the resignation of Mrs. Hind Issa Salem Issa Ali, an independent non-executive board member, effective the same day. Mr. Mazin Mohammad Muhiddeen Al Khatib has been appointed as the new independent non-executive board member. This information was communicated to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and copied to the Securities and Commodities Authority. The announcement was made by Mohammed Abdulla Ahmed Al Ghurair, General Manager of the National Cement Company.
On May 29, 2024, the National Cement Company P.S.C. held a board meeting from 12:00 PM to 01:00 PM, attended by six members, achieving a quorum of 85.7%. The meeting resulted in the approval of the previous meeting's minutes, the resignation of Board Member Mrs. Hind Issa Salem Ali, and the appointment of Mr. Mazin Mohammad Muhiddeen Al Khatib as an independent, non-executive board member. Additionally, the company's business was discussed. The disclosure was addressed to Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, and copied to the Securities and Commodities Authority.
GFH Financial Group B.S.C. announced on May 29, 2024, that it has received approval from the Central Bank of Bahrain to repurchase up to 10% of its total issued shares as treasury shares. This decision follows a resolution passed by the company's Ordinary General Meeting on March 24, 2024. The share repurchase will commence on May 30, 2024. The announcement was made by Mariam Jowhary, the Head of Compliance & AML.
The Arabian Scandinavian Insurance Company (PJSC) Takaful, also known as Sukoon Takaful, held a Board of Directors meeting on Wednesday, May 29, 2024, at 12:00 PM. The meeting took place at the company's head office in Deira, Dubai, and was also accessible via 'Teams' video conferencing. The agenda included a general business review and the approval of Dima Fakhoury as the new Company Secretary. The meeting's results were communicated to Mr. Hamed Ahmad Ali, the Executive Chief Officer of the Dubai Financial Market, and a copy was sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.
On May 29, 2024, the Abu Dhabi National Company for Building Materials (BILDCO) held its third board meeting of the year. The key decisions made include: 1. Approval of the minutes from the second board meeting of 2024. 2. Approval of a settlement agreement with First Abu Dhabi Bank concerning debt restructuring and the waiver of lawsuits. 3. Approval of a settlement agreement with Abu Dhabi Ports regarding the payment of the debit balance, including a 57% discount, debt restructuring, and the waiver of lawsuits. 4. Approval to invite the General Assembly to convene in the first week of July 2024 to approve the settlement with First Abu Dhabi Bank, with the Executive Management authorized to set the date after obtaining necessary approvals. The meeting was held at 2:00 PM on Wednesday, May 29, 2024.
Ithmaar Holding B.S.C held its second Extraordinary General Meeting (EGM) on May 29, 2024, with a quorum of 51.66%. The following agenda items were approved: 1. Approval of the minutes from the EGM held on June 4, 2023. 2. Approval of the proposed sale and transfer of certain assets and liabilities, valued between USD 665 million to USD 715 million, to GFH Financial Group B.S.C. or other agreed entities, subject to regulatory approvals. 3. Authorization for the Board of Directors to finalize the transaction details, sign necessary documents, and execute the transaction.