Changes to the Board and Auditors
02 Septiembre 2009 - 12:38PM
UK Regulatory
TIDMGMFA
RNS Number : 4392Y
Global MENA Financial Assets Ltd
02 September 2009
2 September 2009
GLOBAL MENA FINANCIAL ASSETS LIMITED
Changes to the Board and Auditors
The Directors of Global MENA Financial Assets Limited (the "Company"), a
closed-ended investment company incorporated in Guernsey, wish to announce the
following changes to the Board and the Company's auditors following the
Company's Annual General Meeting ("AGM"), held today. The changes referred to
herein are in addition to the announcement made on 27 August 2009 regarding the
resignation of Omar El Quqa.
Non-Re-election of Richard Bernays, John Hawkins and Terence Allen
Richard Bernays, John Hawkins and Terence Allen (the "Retiring Directors"), all
retired at the Company's AGM, pursuant to their obligations under the Combined
Code. Although they had offered themselves for re-election as directors of the
Company, 95.77 per cent. of the Company's shareholders voted against their
re-election.
Appointment of Directors
Anne Ewing has been appointed to the Board as a non-executive director with
immediate effect. Hisham Al Otaibi will be appointed as a non-executive
director, subject to the neccesary approvals being received.
Hisham Al Otaibi was Kuwaiti Minister of Commerce and Industry between 1998 and
1999 and has held several senior positions in Kuwait, including Director General
of the Kuwait Stock Exchange, and Chairman of the Union of Arab Stock Exchanges
and Securities Commission. He is currently a member of the Kuwait Supreme
Petroleum Council, is chairman of M/s. Contracting & Marine Services Co. (SAK)
and is a director of the Kuwait Stock Exchange. Hisham holds a B.Sc. in
Engineering from the University of Oklahoma.
Anne Ewing is currently a director and the company secretary of Dominion Fund
Management Limited and is a resident of Guernsey. Anne has previously held
senior positions at KPMG Channel Islands Limited, Rothschild Asset Management
(CI) Limited and Old Mutual International (Guernsey) Limited. Anne is a member
of the Worshipful Company of International Bankers, is a Fellow of the
Securities Institute and was elected a Fellow of the FCIS in January 2006. Anne
holds a MSc in Corporate Governance and Administration from the University of
Bournemouth.
Commenting on the appointments, Maha Al-Ghunaim said:
"With the recovery in the MENA economies and the capital markets, I believe
these are exciting times for the Company. I am very confident that the
independent directors will be more than capable to help the Company in realizing
its full potential and to serve the interest of all the shareholders in the best
way possible."
No other information is required to be closed pursuant to paragraph 9.6.13 R of
the Listing Rules of the Financial Services Authority in relation to these
appointments.
Change of Auditors
The shareholders voted against the re-appointment of Ernst & Young. The Company
is engaged in discussions with a number of other firms and a decision will be
made by the Company's new audit committee in the near future. An announcement in
this regard will follow in due course.
For information please contact:
Alison Bilham
HSBC Security Services (Guernsey) Limited
T: +44 (0)1481 707
213
Financial Dynamics +44(0) 207 269 7114
Ed Gascoigne-Pees
Nick Henderson
Notes to Editors
About Global MENA Financial Assets Limited
Global MENA Financial Assets Limited is a Guernsey incorporated investment
company formed on 2 June 2008 to make attractive absolute gains through
investment in a diversified portfolio of financial sector assets focused
predominantly in the MENA region (including Turkey).
www.gmfa.com
About Global Capital Management Ltd.
Global Capital Management Ltd. is the wholly-owned subsidiary of Global
Investment House K.S.C.C. The investment manager has one of the largest private
equity teams in the MENA region. The team is organised into transaction, due
diligence and organisational development and monitoring subgroups. The members
of the private equity team have diverse sector and geographic experience in
countries across the MENA and other emerging markets. The team collectively
maintains a broad network of institutional relationships within the regions
targeted for investments by GMFA. The private equity team currently manages
assets more than US$3 billion.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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