| Element List | Explanation |
|---|---|
| Introduction | Methanol Chemicals Company (Chemanol) announces that its Board of Directors has issued a resolution on 28/08/1447 corresponding to 16/02/2026 approving the reconstitution of the Audit Committee to ensure the continued efficiency and effectiveness of its functions until the end of the Committee’s current term on 11/11/2028. The reconstitution included the following changes: • Mr. Fahad Abdullah Al-Ageefi has been appointed as Chairman of the Committee (Non-Board Member), succeeding Mr. Yousef Abdullah Al-Rajhi, who will continue to serve as a member of the Committee. • Mr. Abdullah Mushabab Al-Qahtani (Independent Board Member) has been appointed as a member of the Committee, replacing Mr. Saad Ibrahim Al-Mushawah, pursuant to the Board’s resolution. The Board of Directors has expressed its sincere thanks and appreciation to Mr. Saad Al-Mushawah for his dedicated efforts and valuable contributions during his tenure as a member of the Committee. |
| Element List | Explanation |
|---|---|
| Name of Resigning Member | Mr. Saad Ibrahim Al-Mushawah. |
| Resignation Submission Date | 2026-02-16 Corresponding to 1447-08-28 |
| Resignation Effective Date | 2026-02-16 Corresponding to 1447-08-28 |
| Reasons for Resignation | Reconstitution of the Audit Committee pursuant to the Board of Directors’ resolution issued on 16/02/2026. |
| Resigning Member Start Date | 2024-11-14 Corresponding to 1446-05-12 |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Fahad Abdullah Al-Ageefi (NonBoard Member). |
| Membership Start Date | 2026-02-16 Corresponding to 1447-08-28 |
| Brief Resume of the Appointed Member | Mr. Fahad Abdullah Al-Ageefi brings over 25 years of extensive experience in financial, operational, and compliance auditing, as well as risk management. He currently serves as the General Manager of Internal Audit and Audit Committee Secretary at the Real Estate General Authority (REGA), while also serving as a member of various audit committees. Throughout his career, Mr. Al-Ageefi has held prominent leadership roles in major organizations, serving as the Financial Internal Audit Manager at the Human Resources Development Fund (HRDF) and Audit Manager at the Saudi National Bank (SNB). He also gained diverse operational experience in the private sector with the National Agricultural Development Company (NADEC) and Fawaz Abdulaziz Al Hokair & Company. He possesses a proven track record in establishing internal audit departments and developing risk-based strategic plans. Mr. Al-Ageefi holds a Bachelor’s degree in Accounting from King Saud University in Riyadh, complemented by advanced professional certifications and diplomas in Internal Audit, and Financial Strategies for Value Creation from London Business School. |
| The date of the approval by other official authorities | N/A |
| Element List | Explanation |
|---|---|
| Appointed Member Name | Mr. Abdullah Mushabab Al-Qahtani (Independent Board Member) |
| Membership Start Date | 2026-02-16 Corresponding to 1447-08-28 |
| Brief Resume of the Appointed Member | Mr. Abdullah Mushabab Al-Qahtani possesses more than 15 years of extensive leadership and financial experience. He currently serves as the CEO at Masar Al-Ula Trading Company (Hashikom Restaurant Chain), having previously held the position of Executive Director at Hashi Pasha Food Company. He holds a Bachelor’s degree in Accounting from King Saud University in Riyadh, complemented by a Master’s degree in Banking and Finance from La Trobe University in Melbourne, Australia. Mr. Al-Qahtani’s core competencies lie in strategic planning, financial management, and the development of franchise business models. He acquired extensive skills in credit analysis and risk management during his tenure as a Relationship Manager within the Corporate Banking Group at Al Rajhi Bank. He holds several professional certifications, including Risk Management Professional (RMP), Investment and Portfolio Management, and Certified Islamic Finance. His profile reflects a blend of strategic foresight and deep operational and financial expertise. |
| The date of the approval by other official authorities | N/A |
| Element List | Explanation |
|---|---|
| Date of Board Meeting in which Appointed New Member(s) were Appointed | 2026-02-16 Corresponding to 1447-08-28 |
