Shmoh AlMadi Company Announces the Resignation of the Chairman of the Audit Committee, the Appointment of a New Audit Committee Member, and a Change in the Committee’s Chairmanship Structure
| Element List | Explanation |
|---|---|
| Introduction | Shmoh AlMadi Company announces that the Board of Directors (by circulation) approved on 28/05/1447H corresponding to 19/11/2025G the acceptance of the resignation of the Chairman of the Audit Committee, Mr. Waleed Mohammed Hamad Al-Bassam, which he submitted on 17/11/2025 due to his personal circumstances.
The Board of Directors and the Audit Committee extend their sincere thanks and appreciation to Mr. Waleed Mohammed Hamad AlBassam for his dedicated efforts and valuable contributions during his tenure as a member of the Audit Committee, wishing him continued success. The Board of Directors also approved the appointment of Mr. Abdulaziz Mohammed Abdulaziz AlOshan (from outside the Board) as a member of the Audit Committee effective 19/11/2025, to complete the remaining term of the current committee, which ends on 25/06/2028. Furthermore, the Board of Directors approved the appointment of Mr. Adel Abdulkarim Mohammed AlMu’min as Chairman of the Audit Committee effective 19/11/2025 until the end of the current committee term on 25/06/2028. |
| Element List | Explanation |
|---|---|
| Name of Resigning Member | Waleed Mohammed Hamad AlBassam |
| Resignation Submission Date | 2025-11-17 Corresponding to 1447-05-26 |
| Resignation Effective Date | 2025-11-19 Corresponding to 1447-05-28 |
| Reasons for Resignation | due to his personal circumstances |
| Resigning Member Start Date | 2024-06-26 Corresponding to 1445-12-20 |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Abdulaziz Mohammed Abdulaziz AlOshan |
| Membership Start Date | 2025-11-19 Corresponding to 1447-05-28 |
| Brief Resume of the Appointed Member | He possesses extensive professional experience spanning more than 10 years in the fields of accounting and auditing, and holds a Bachelor’s degree in Accounting from King Saud University. He also holds the Saudi Organization for Certified Public Accountants (SOCPA) Fellowship, a Certified Financial Fraud Examiner certificate, in addition to a Fellowship in Sharia Advisory in Islamic Finance and Dispute Resolution.
He currently serves as the chairman and member of several Audit Committees in both listed and unlisted joint-stock companies, in addition to serving on multiple committees in various entities. |
| The date of the approval by other official authorities | Not applicable |
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2025-11-19 Corresponding to 1447-05-28 |
| Additional Information | Based on the Board of Directors’ resolution approving the resignation, appointment, and change in the committee’s chairmanship, the current composition of the Audit Committee is as follows:
1.Adel Abdulkarim Mohammed AlMu’min – Chairman of the Committee (Member from outside the Board) 2.Fahad Ahmed Mohammed AlKhudairi – Member (Member from outside the Board) 3.Abdulaziz Mohammed Abdulaziz AlOshan – Member (Member from outside the Board) The aforementioned members of the Audit Committee shall continue to perform their duties until the end of their current term on 25/06/2028. |
Comments