Aref Investment Group Kuwait announced on the Kuwait Stock Exchange that its board met on 30 December 2009 to accept the resignation of its Chairman, Dr. Ali Fahd AlZami'i, (both from the Board and as Chairman) and the appointment of Mr. Ibrahim Abdullah AlKhazaam, as Managing Director effective 1 January 2010.
The market had been rumoring a major change as evidenced in this earlier post.
The market had been rumoring a major change as evidenced in this earlier post.
This year there have been more than the usual changes in boards and management of financial companies in Kuwait - some of which I've commented on - reflecting the difficult situation of many companies there. You will also recall that Aref has been identified as one of the companies opposing The Investment Dar's restructuring proposal. The question is whether this change is at all related to any change in approach by Aref on that topc. My guess is not and that the two are not related. But as Umm 'Arqala can testify from years of experience AA isn't always right.
You can access earlier posts on both Aref and The Investment Dar by using the respective labels on SAM's home page.
You can access earlier posts on both Aref and The Investment Dar by using the respective labels on SAM's home page.
Here's the KSE announcement (Arabic text only).
9:44:3] ِ.استقالة رئيس مجلس إدارة مجموعة عارف الاستثمارية وانتخاب عضو منتدب
يعلن سوق الكويت للأوراق المالية بأن مجموعة عارف الاستثمارية أفادته
بأن مجلس إدارة الشركة قرر في اجتماعة بتاريخ 30-12-2009 قبول
استقالة الدكتور / على فهد الزميع من رئاسة وعضوية مجلس إدارة المجموعة
اعتباراً من نهاية دوام يوم 31-12-2009 واختار المجلس السيد / ابراهيم
[عبدالله الخزام عضوا منتدبا اعتباراً من يوم 1-1-2010 .
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