Re-formation of the Board of Directors of Metallurgical Industries Holding for a period of 3 years
Hisham Tawfiq, Minister of Public Business Sector – Chairman of the General Assembly of Metallurgical Industries Holding – issued a decision to re-form the Board of Directors of Metallurgical Industries Holding, for a period of three years.
The decision included assigning Dr. Saad Mujahid Al-Rajhi to do the work of a non-executive chairman of the board, assigning Engineer Mohamed Al-Saadawi Mustafa Al-Saadawi to do the work of the executive managing director, and Dr. Wael Mahmoud Youssef to do the work of a financial managing director.
The decision also included assigning the following names to carry out the work of the non-executive members of the board of directors: Counselor Mahmoud Fawzy Abdel Bari, Dr. Gamal Mohamed Mujahid, Nevin Ali Sabbour, Hossam Mohamed Abdel Aziz, and Eng. Khaled Mounir El-Feki (representative of the General Federation of Egyptian Trade Unions), along with Representative of the Ministry of Finance.
It is noteworthy that Dr. Saad Al-Rajhi, Professor of Engineering at Cairo University, holds a Ph.D. in Metallurgical Engineering from the University of London, and has extensive experience in the mining industries.
Nevin Sabbour, a new member of the board, has extensive experience in business strategies, financial planning, and mergers and acquisitions.
This decision, which coincides with the end of the term of the board of directors, comes in line with the amendments to the Public Business Sector Law issued by Law No. 185 of 2020, which included, with regard to the formation of boards of directors, the separation between the positions of the chairman and managing director, observance of the rules of proportional representation, and the presence of independent members With experience, representation of employees, with companies’ commitment to the rules of good governance and management.