Group Five Pipe says Jassim Al-Rumaihi resigns from audit committee

Group Five Pipe Saudi Co.’s board of directors approved the resignation of the audit committee member Jassim Al-Rumaihi, effective on Feb. 12.

According to a statement to Tadawul, the resignation was submitted due to applying Article 51 (Paragraph G) of the Corporate Governance Regulations issued by the Capital Market Authority (CMA), which stipulates that the audit committee member must not be a member of audit committees in more than five listed joint stock companies at the same time.

Group Five Pipe’s board will appoint a new member before the end of the current session, the statement clarified, noting that the move is pending the approval of the upcoming general meeting.