MRNA dismisses 2 board members

Logo of Morabaha Marina Financing Co. (MRNA)

Morabaha Marina Financing Co. (MRNA) announced the dismissal of non-executive board members, Walid Al-Ghamlas and Saad Al-Hoshan, effective from Oct. 1, 2023, when Digital Payments Company for FinTech (Loop) received financing from MRNA.

In a statement on Tadawul, MRNA said that this decision is based on Article 12 (2) of the Finance Companies Control Law, Article 56 (6) of the Implementing Regulations, and the Saudi Central Bank (SAMA) decision No. (T/24049), confirming the violation of Article 12 (1 C) by the dismissed members.

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The company confirmed that the vacancies did not breach the conditions for the board's validity.

After obtaining a non-objection letter from SAMA, the board will appoint two temporary members to complete the remaining term of the dismissed members from June 15, 2022, to June 14, 2025.

The board will present the appointment to the ordinary general assembly at its next meeting.

Article 12 (1) of the Finance Companies Control Law prohibits financing without collateral, providing financing using own shares as collateral, financing establishments where board members or auditors are partners, and many other restrictions.

The law also prohibits financing for board members or relatives without specified guarantees, acquiring shares in another finance company without approval, and financing establishments with ownership percentages exceeding specified limits.