ASG Plastic names independent board member to lead audit committee

ASG Plastic Factory Company reshuffled its audit committee on 1 July, appointing independent board member Ibrahim Al Shaalan as chairman and adding two external members.

Al Shaalan, a partner at Adel bin Mohammed Al Baran Law Firm since 2019, holds degrees in Sharia and US legal studies. He replaces the previous chairman, El Sayed El Baz, who remains on the committee as an external member. The other new external member is Khalid Al-Zaid, an accountant with supervisory experience at ASG Pipes. The outgoing board members, Lujain Al Mulaifi and Renad Al Muwaiz, were thanked by the board.

The company said the reshuffle aligns with corporate governance practices for audit committees. The new committee will serve until the current board term ends on 2 December 2027, overseeing financial reporting and internal controls with a focus on compliance.

The move follows the Capital Market Authority's approval of ASG Plastic's plan to double its capital to SAR 141 million from SAR 70.5 million. With a new oversight structure and a larger capital base, the company enters a period that will test its reporting and control frameworks.

The committee's next scheduled meeting is before the end of the third quarter.