Riyadh – Mubasher: ASG Plastic Factory Company has announced a formal reconstitution of its Audit Committee following a Board of Directors decision issued on 1 July 2026.
The restructuring, which takes effect immediately, introduces new leadership to the committee and reshuffles its membership for the remainder of the current board term, which is scheduled to conclude on 2 December 2027.
The reorganization of the Audit Committee marks a significant shift in the oversight body of the Tadawul-listed industrial firm. Under the new formation, Ibrahim Mohammed Ibrahim Al Shaalan has been appointed as the Chairman of the Audit Committee.
Al Shaalan serves as an independent member of the Board of Directors. He brings extensive legal and administrative expertise to the role, holding a Bachelor’s degree in Sharia from Imam Mohammad Ibn Saud Islamic University and a Master’s degree in Legal Studies for International Lawyers from St. Thomas University in the United States. His professional background includes over 16 years in legal consultancy and six years in general management.
Notably, he has been a partner at the Adel bin Mohammed Al Baran Law Firm since 2019 and has served as General Manager at Ainah for Research and Studies since 2021.
Joining Al Shaalan on the reconstituted committee are El Sayed Ahmed El Sayed El Baz and Khalid Abdullah Fahd Al-Zaid, both of whom serve as external members from outside the board of directors.
El Baz, who previously chaired the committee before the reshuffle, remains an integral part of the oversight body. He is a seasoned financial professional with a Bachelor’s degree in Commerce and Accounting from Mansoura University.
His career spans more than 30 years in accounting and financial management, including a tenure as a senior accounting expert for the Egyptian Ministry of Justice’s Expert Authority.
Since 2018, he has served as the Chief Financial Officer at the Mohammed Nasser Al Fraidi Plastic Industries Factory.
The third member, Khalid Abdullah Fahd Al Zaid, contributes a background in accounting and operational supervision. A graduate of Majmaah University with a degree in Accounting, Al Zaid is currently pursuing his Master’s degree in the same field.
His professional history includes supervisory and marketing roles at ASG Pipes between 2020 and 2023, and he currently serves as an accountant at Azyan for Cans and Cartons.
As a result of this restructuring, the memberships of Lujain bint Mosaid Al Mulaifi and Renad bint Ibrahim Al Muwaiz have concluded.
The board of directors expressed its formal gratitude to the outgoing members for their contributions and efforts during their tenure on the committee.
The previous composition of the committee consisted of El Baz as Chairman, alongside Lujain bint Mosaid Al Mulaifi and Renad bint Ibrahim Al Muwaiz.
The transition to the new structure, led by an independent board member, aligns the committee with corporate governance practices regarding the composition of internal audit and oversight functions.
The company confirmed that the board’s decision was finalized on 1 July 2026 and that all necessary administrative steps for the committee’s reconstitution have been implemented.
ASG Plastic continues to operate under its current board cycle until late 2027, during which this committee will be responsible for monitoring the company’s financial reporting, internal controls, and compliance frameworks.
The Capital Market Authority (CMA) recently greenlighted the listed company’s request to increase its total capital from SAR 70.50 million to SAR 141 million.
