Annuncio • May 23
Saudi Cable Company announced a financing transaction Saudi Cable Company announced a private placement to issue common shares on May 21, 2026. The transaction is expected to receive shareholders of 2025 is expected to be held on June 15, 2026. Annuncio • May 22
Saudi Cable Company, Annual General Meeting, Jun 15, 2026 Saudi Cable Company, Annual General Meeting, Jun 15, 2026, at 19:30 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ر.س0.34 (vs ر.س7.34 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.34 (down from ر.س7.34 in 1Q 2025). Revenue: ر.س22.3m (down 50% from 1Q 2025). Net income: ر.س25.9m (down 47% from 1Q 2025). Reported Earnings • Apr 10
Full year 2025 earnings released: EPS: ر.س30.26 (vs ر.س9.93 in FY 2024) Full year 2025 results: EPS: ر.س30.26 (up from ر.س9.93 in FY 2024). Revenue: ر.س156.0m (up 254% from FY 2024). Net income: ر.س201.9m (up 205% from FY 2024). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س163, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 32x in the Electrical industry in Asia. Total returns to shareholders of 28% over the past year. New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-ر.س314m). Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Annuncio • Jan 05
Saudi Cable Co. Announces Appointment of Dima Adnan Al-Hurib as Audit Committee Member, Effective January 1, 2026 Saudi Cable Co. has announced the appointment of Dima Adnan Al-Hurib as a member of the Audit Committee, from outside the Board of Directors. Ms. Dima Al-Hurib has extensive professional experience in the financial sector, spanning more than four years in investment banking and capital markets advisory. She specializes in IPO readiness, capital markets, capital restructuring, and corporate governance. She also possesses broad experience in due diligence processes, financial reporting, and stakeholder management within highly regulated and high-growth environments. In addition, she has led pre-IPO valuation engagements, and developed advanced valuation models, including Discounted Cash Flow (DCF) and trading multiples methodologies. Throughout her professional career, Ms. Dima Al-Hurib has held several positions. She worked as a Financial Analyst at Wasataa Capital in corporate finance and private equity and also served as a Financial Analyst in investment banking and direct investment at the Saudi Kuwaiti Finance House. She also assumed the roles of Senior Specialist and Acting Manager in the field of IPO readiness, contributing through these positions to the leadership and execution of strategic projects within the capital markets. Ms. Dima Al-Hurib holds a bachelor’s degree in finance and Investment from Imam Mohammad ibn Saud Islamic University in Riyadh. In addition, Ms. Dima is a Certified Audit Committee Member (CACM) from LGCA, as well as having completed the Advanced IPO Course for Professionals offered by the Financial Academy. The membership start date is January 1, 2026. The date of the board meeting in which the new member was appointed is January 1, 2026. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س148, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 31x in the Electrical industry in Asia. Total returns to shareholders of 42% over the past year. Board Change • Dec 11
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Turki bin AlRajhi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ر.س30.2m (up 198% from 2Q 2024). Net income: ر.س18.2m (down 49% from 2Q 2024). Profit margin: 60% (down from 350% in 2Q 2024). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س146, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 29x in the Electrical industry in Asia. Total returns to shareholders of 92% over the past year. Annuncio • Jun 02
Saudi Cable Company, Annual General Meeting, Jun 22, 2025 Saudi Cable Company, Annual General Meeting, Jun 22, 2025, at 20:30 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • May 22
First quarter 2025 earnings released: EPS: ر.س7.34 (vs ر.س0.38 loss in 1Q 2024) First quarter 2025 results: EPS: ر.س7.34 (up from ر.س0.38 loss in 1Q 2024). Revenue: ر.س44.1m (up 251% from 1Q 2024). Net income: ر.س49.0m (up ر.س51.5m from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س143, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 26x in the Electrical industry in Asia. Total returns to shareholders of 143% over the past three years. Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: ر.س7.30 (vs ر.س9.92 in FY 2023) Full year 2024 results: EPS: ر.س7.30 (down from ر.س9.92 in FY 2023). Revenue: ر.س44.1m (up 44% from FY 2023). Net income: ر.س48.8m (down 26% from FY 2023). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Apr 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 111% Last year net profit margin: 216% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-ر.س428m). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (111% net profit margin). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ر.س128, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 29x in the Electrical industry in Asia. Total returns to shareholders of 18% over the past three years. Board Change • Dec 11
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Hamza Bin Ghulam Joharji was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س93.60, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 29x in the Electrical industry in Asia. Total loss to shareholders of 15% over the past three years. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: ر.س2.58 (vs ر.س2.06 in 3Q 2023) Third quarter 2024 results: EPS: ر.س2.58 (up from ر.س2.06 in 3Q 2023). Revenue: ر.س7.27m (up 109% from 3Q 2023). Net income: ر.س17.2m (up 430% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ر.س1.78 (vs ر.س0.87 loss in 2Q 2023) Second quarter 2024 results: EPS: ر.س1.78 (up from ر.س0.87 loss in 2Q 2023). Revenue: ر.س10.1m (up 161% from 2Q 2023). Net income: ر.س11.9m (up ر.س17.7m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Annuncio • Jun 08
Saudi Cable Company, Annual General Meeting, Jun 26, 2024 Saudi Cable Company, Annual General Meeting, Jun 26, 2024, at 20:30 Arab Standard Time. Location: jeddah Saudi Arabia New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-ر.س45m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Negative equity (-ر.س461m). Earnings have declined by 34% per year over the past 5 years. Annuncio • May 30
Saudi Cable Co. Announces Appointment of Hamza Bin Ghulam Joharji and Saad Bin Abdulmohsen Alhamidi as Member At Audit Committee Saudi Cable Co. announced its board of directors decision on May 27, 2024 to appointing two members at Audit Committee: Mr. Hamza bin Ghulam Joharji (external member); Mr. Saad bin Abdulmohsen Alhamidi (external member). Membership Start Date is May 28, 2024. Mr. Hamza bin Ghulam Joharji: Mr. Hamza is a Certified Public Accountant with extensive experience in accounting and financial auditing. He recently served as the Head of the Audit Committee at Ghidah Al-Sultan Company for Fast Food Management, where he was responsible for ensuring the integrity of financial reporting, the effectiveness of internal controls, and risk management. Mr. Hamza began his career with Saudi Aramco, where he held the position of Acting Supervisor for the Central and Western Region group under the Review and Cost Compliance Department. He also served as Aramco-s Finance Representative for the KAUST lab fit-out project. Additionally, he has previous experience as an Assistant Auditor at Whinney Murray & Co. (a member of Ernst & Young International) and as a Senior Accountant in SAMAREC. Mr. Hamza holds a bachelors degree from King Abdulaziz University in Jeddah, Saudi Arabia, which he earned in 1987. Mr. Saad bin Abdulmohsen Alhamidi: Mr. Saad holds 17 years extensive experience in corporate governance, audit, and risk management. He served recently as the chairman of the Audit Committee at Al-baha Investment and Development Company, where he was responsible for ensuring the integrity of financial reporting, the effectiveness of internal controls, and an independent board member. Mr. Saad began his career with Price Water House (PWC) and served at major companies such as Ernst & Young, Alrajhi Bank and AMANA Cooperative Insurance Company. Mr. Saad holds a bachelors degree in accounting, from the University of Northern Colorado, which he earned in 2004. Mr. Saad has excellent skills in risk assessment and corporate governance. Reported Earnings • May 17
Full year 2023 earnings released: EPS: ر.س5.48 (vs ر.س86.99 loss in FY 2022) Full year 2023 results: EPS: ر.س5.48 (up from ر.س86.99 loss in FY 2022). Net income: ر.س66.2m (up ر.س646.7m from FY 2022). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Annuncio • May 06
Saudi Cable Company Appoints Aziz M. Alqahtani as Member in the Audit Committee Saudi Cable Company announced its board of directors increased number of the audit committee from three to four members by appointing Mr. Aziz bin Mohammed Alqahtani (external member) as a member in the audit committee. Membership start date is on May 2, 2024. Mr. Aziz M. Alqahtani holds master-s degree in accounting, and he has over 30 years of practical experience with key focus in internal audit, finance, accounting, risk management and corporate governance in several leading companies such as Aramco and STC, he also held many leadership positions in many leading entities, in addition to participating in the membership of boards of directors and audit committees in several joint stock companies, and providing professional advice in the field of auditing and accounting. Reported Earnings • Mar 23
Third quarter 2023 earnings released: ر.س0.06 loss per share (vs ر.س5.23 loss in 3Q 2022) Third quarter 2023 results: ر.س0.06 loss per share (improved from ر.س5.23 loss in 3Q 2022). Net loss: ر.س403.0k (loss narrowed 99% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Annuncio • Mar 14
Saudi Cable Company, Annual General Meeting, Apr 03, 2024 Saudi Cable Company, Annual General Meeting, Apr 03, 2024, at 10:00 Arab Standard Time. Agenda: To consider the election of the Board members; and to consider other matters. Annuncio • Jan 09
Saudi Cable Company, Annual General Meeting, Jan 11, 2024 Saudi Cable Company, Annual General Meeting, Jan 11, 2024, at 15:30 Coordinated Universal Time. Reported Earnings • Dec 06
Full year 2022 earnings released: ر.س25.04 loss per share (vs ر.س29.12 loss in FY 2021) Full year 2022 results: ر.س25.04 loss per share. Revenue: ر.س72.9m (down 55% from FY 2021). Net loss: ر.س580.5m (loss widened 199% from FY 2021). Board Change • Nov 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ali Al Alattas was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Feb 02
Saudi Cable Company Appoints Nael Sameer Mohammad Fayez as its New CEO Saudi Cable Company announced that it has named Nael Sameer Mohammad Fayez as its new CEO for one year. Fayez, who was appointed as the company's Managing Director in July 2022, assumed his new role on 1 February 2023. He holds bachelor's and executive master's degrees in Business Administration from the US. Moreover, the new official has a 20-year experience in the fields of macroeconomics, as well as strategy and sustainability, as he held key positions in NEOM and Saudi Arabian Oil Company (Saudi Aramco). Annuncio • Aug 01
Saudi Cable Company Announces the Termination of Contract of CEO, Eng. Abdulhadi A. Abu Al-Khair Saudi Cable Company announced the termination of the contract of the CEO, Eng. Abdulhadi A. Abu Al-Khair, on 31 July 2022, with his continuation as a non-executive Board Member from 01 August 2022 until the end of the current Board term on 13 January 2024. Annuncio • Jun 02
Saudi Cable Company, Annual General Meeting, Jun 22, 2022 Saudi Cable Company, Annual General Meeting, Jun 22, 2022, at 15:30 Coordinated Universal Time. Agenda: To consider to vote on the appointment of Mr. Ghaith R. Fayez, a member outside of the board, as a member of the audit committee from the date of the assembly until the end of the committee’s current term on January 13, 2024, instead of Mr. Bassem T. Hijaz, a member from outside the board; to consider to vote on the appointment of Mr. Omar Hasan Bahathiq, a member outside of the board, as a member of the audit committee from the date of the assembly until the end of the committee’s current term on January 13, 2024, instead of Mr. Mazen K. Zayer, a member from outside the board; and to consider to vote on the decision of the board of directors to appoint Mr. Khaled Mohamed Bawazer as an independent member of the board of directors from the date of his appointment on May 22, 2022, to complete the term of the board, until the end of the current term on January 13, 2024, succeeding the former independent member Mr. Mahmoud M. Abdulghafar. Reported Earnings • May 19
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: ر.س5.39 loss per share (down from ر.س2.10 loss in FY 2020). Revenue: ر.س160.6m (down 56% from FY 2020). Net loss: ر.س194.3m (loss widened 253% from FY 2020). Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 101%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Ali Al Alattas was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annuncio • Mar 29
Saudi Cable Co. Announces Board and Committee Resignations Saudi Cable Co. announced the resignation of Mr. Basem Tayseer Hegaz as Chairman of the Audit Committee and resignation of Mr. Mazen Khalaf Al-Zayer as member of Audit committee. The resignation shall take effect for both as of March 28, 2022 AD. Reported Earnings • Nov 04
Third quarter 2021 earnings released: ر.س1.29 loss per share (vs ر.س1.43 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ر.س23.5m (down 75% from 3Q 2020). Net loss: ر.س46.6m (down 191% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 19
Second quarter 2021 earnings released: ر.س0.53 loss per share (vs ر.س0.35 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: ر.س41.3m (down 72% from 2Q 2020). Net loss: ر.س19.2m (loss widened 16% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Executive Departure • Aug 04
Independent Vice-Chairman Mahmoud Mansour Abdulgafar has left the company On the 28th of July, Mahmoud Mansour Abdulgafar's tenure as Independent Vice-Chairman ended after less than a year in the role. We don't have any record of a personal shareholding under Mahmoud Mansour's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.33 years. Reported Earnings • May 25
First quarter 2021 earnings released: ر.س1.00 loss per share (vs ر.س1.20 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: ر.س63.9m (up 7.3% from 1Q 2020). Net loss: ر.س35.9m (loss narrowed 17% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 08
Full year 2020 earnings released: ر.س1.53 loss per share (vs ر.س5.59 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ر.س368.8m (down 3.3% from FY 2019). Net loss: ر.س55.0m (loss narrowed 11% from FY 2019). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Executive Departure • Mar 24
Independent Director has left the company On the 23rd of March, Azhar Medo Kenji's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Azhar Medo's name. A total of 3 executives have left over the last 12 months. Executive Departure • Mar 24
Independent Director has left the company On the 23rd of March, Noha Abdulghani Sulaimani's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Noha Abdulghani's name. A total of 3 executives have left over the last 12 months. Executive Departure • Mar 24
Independent Director has left the company On the 23rd of March, Nael Samir Fayez's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Nael Samir's name. A total of 3 executives have left over the last 12 months. Annuncio • Feb 19
Saudi Cable Company Announces Formation of Nomination Committee Saudi Cable Company announced formation of the Audi Committee and determination of its responsibilities and charter as well as the remunerations of the committee’s members for the new term starting from date of the Assembly on February 17, 2021 up to the end of the term on January 13, 2024, noting that the candidates are as follow: Mrs. Noha Abdulghani H. Sulaimani, Mr. Azhar Medo M. Kenji, Mr. Nael Samir M. Fayez. Is New 90 Day High Low • Feb 04
New 90-day low: ر.س26.35 The company is down 3.0% from its price of ر.س27.10 on 05 November 2020. The Saudi market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 18% over the same period. Annuncio • Jan 28
Saudi Cable Company, Annual General Meeting, Feb 17, 2021 Saudi Cable Company, Annual General Meeting, Feb 17, 2021, at 18:30 Arabian Standard Time. Annuncio • Jan 22
Saudi Cable Company Appoints Board Secretary and Formation of Nomination and Remunerations Committees Emanating from the Board of Directors Saudi Cable Company at its Ordinary General Assembly meeting held on January 21, 2021 Appointing of Mr. Bassem Abdulrahim Saati (Board Secretary). Formation of Nomination and Remunerations Committees, as follow: Mr. Abdulrahim Mansour Abdulqafar (Chairman Independent). Mr. Ali Mohammed Al Attas (Member Independent). Mr. Meyassar Anwar Nowailati (Member Chairman of the Board (Non-executive).Mr. Abdulrahman Ibrahim Al Kayal (Member Independent). Annuncio • Jan 14
Saudi Cable Co. Announces Executive Appointments Saudi Cable Company in its Ordinary General Assembly Meeting held on January 13, 2021, approve to Voting on electing the members of the Board of Directors from candidates for the forthcoming term, which shall commence on 14/01/2021 for a period of (3) years ending on 13/01/2024. They are as follows:- Saleh Al Shathri, Ali Al Attas, Abdulhadi Abul Khair, Nael Faiz, Abdulrahman Alkhayal and Nuha Sulaimani. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ر.س1.43 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س92.6m (up 14% from 3Q 2019). Net income: ر.س51.4m (up ر.س75.2m from 3Q 2019). Profit margin: 56% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Is New 90 Day High Low • Nov 11
New 90-day high: ر.س30.60 The company is up 108% from its price of ر.س14.72 on 13 August 2020. The Saudi market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 14% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: ر.س29.25 The company is up 104% from its price of ر.س14.34 on 22 July 2020. The Saudi market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: ر.س20.66 The company is up 54% from its price of ر.س13.42 on 01 July 2020. The Saudi market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 11% over the same period. Annuncio • Sep 28
Saudi Cable Company Announces Board Appointments Saudi Cable Company approved election of Mr. Mahmoud M. Abdulgafar and Mr. Azhar M. Kenji as members for the Board of Directors, at the Ordinary General Assembly Meeting held on September 27, 2020. 