Sponsored by the chairman of the Financial Market Committee
the East Chamber Launches at its headquarters , on Wednesday, March
30, 2016 AD, in cooperation with the Saudi Stock Exchange (Tadawul), and under
the care of His Excellency the Chairman of the finincial
market committee council Mohammed bin Abdullah Al Jadaan, the forum
of turning family business into a joint stock , in order to review the
role of transformation in keeping the continuity of the family business
and to secure their growth and development, especially under the current
economic challenges.
Discusses specialists and academics within the forum participants, several axes
meet all aspects of the transition from a family company to go public, and
governance of the family business.
specialists and academic participating in the "Forum of
turning family business into a joint stock companies" which is organized
by the East Chamber in cooperation with the Saudi Stock Exchange
companies (Tadawul) discussing with His Excellency the chairman of the
Council of the Capital Market Committee Mohammed bin Abdullah Al Jadaan
on the end of March 2016 regarding family status and future of the companies,
under the growing need for them to be converted into joint stock companies,
doing the utter best to keep them and their achievements.
Explained the chairman of the Council of East Chamber Abdulrahman bin
Saleh Al ataishan, who added that the forum aims to review the role of turning
companies from a family to contribute to maintaining the continuity and
sustainability of their success and their growth and development, and the role
of this shift in granting the companies the necessary ability in the face of
current economic challenges.
According to this, Al ataishan said that the discussions forum in which the
number of specialists and academics involved will be discussing several
subjects, most notably how to shift from a family company to a public
shareholding, governance and family businesses, in addition, the display of
some of the experiences of family companies in the transition to joint-stock
enterprises, and the most important steps they have taken in this aspect and
the main benefits of this transformation.
Al ataishan pointed that the organization of the forum comes
out of the chamber and Saudi Stock Exchange (Tadawul) interest in family
businesses sector and highlighting the most important practices in the
transition to a contribution, to convey a clear message to companies wishing to
switch to save their business from collapse and to help them develop and expand
in the future.
Al ataishan paid the attention that the importance of the forum
lies in dealing with a vital issue at the local scale since the family
companies in the Kingdom occupies a large extent of the national
economy, they are an important channel to attract local and foreign
investments, and to attract, national workforce in particular, which enhances
its position in the national
economy.
The amount of its investments in the domestic market exceeded the limits
of 350 billion riyals, or more than 12% of GDP, and is expected that these
investments increase 4% in the next year, making it an important channel for
attracting domestic and foreign investment, and attract, both national
workforce in particular, and thus reinforces its position in the national
economy.
The organization of the forum comes from the concern of the room and ( Tadawul)
regarding the family business sector and highlight the most important practices
in the transition to a contribution, to convey a clear message to companies
wishing to switch to save their business from collapse and to help them develop
and expand in the
future.
Ataishan noted that the forum conveys an awareness message to
entrepreneurs and owners of family businesses of the importance of the
application of transformation rules and procedures of governance and to clarify
the ways and means to shift and look at past experiences and family of listed
companies, as well as make them aware of the challenges they may face in the
near future.
Forum sessions
For his part, Secretary General of the East Room Abdulrahman bin Abdullah Al
wabel said in his speech about the scientific program of the forum that the
first session, which is held at 9:30 am until 10:45 am, deals with the
experience of family businesses, and managed by the Chairman of Saudi Telecom
Company, Dr. Abdullah Al abdulkadir, several themes, namely: the stages of
transformation, the challenges facing the joint-stock companies, the advantages
of listing, with a number of tips and recommendations, which are in the same
direction.
during the meeting speaks the excusive manager of Halawni bros. ,
in favor of doubles, and Director Manager of Mwasah for
medical services Mohammed Al saleem,the Executive Director of Al
uthaim markets , Yusuf Alagafari , Executive Director of Al-Andalus Real
Estate, Ayman Almdefer.
the second session , which is held at 10:45 am until 12:00 and titled,
How to switch from a family company to public stock, and is managed by the
Secretary General of the Committee of media and banking awareness
in Saudi banks, Talaat Hafez, reviewing a number of different
themes, as a market of Saudi listing, the advantages and the challenges of
listing, and financial services market, where primary markets
director at the capital market committee (Tadawul), Nayef Al-Athel speaks.And
the manager of the private stocks speaks of the feasibility of
investment, AmrAl jalal, about the main stages and the company's management
commitment to it, and the success factors in addition to some of the
important considerations in this regard.
And reviews in the same meeting, the head of corporate finance at the company,
Falcom for Financial Services, Maath Al-Khasawneh, the stage of the
listing, and that by explaining the listed company already, and lessons
learned from its experience, as well as some of the important considerations in
this regard.
The session concludes with a speech by listing unit director of industry
and services in the Capital Market Authority, Wisam AlFreihi, about
the role of the committee in the listing process, and disclosure and
transparency.
In the third and final meeting which is going to be held at 13:00 am until
14:00 and titled, governance and family businesses, managed by head of
Joatha center consultant for business development, dr. Ihsan Bu Hlika, where
the expert explains about family businesses, dr. Sami Al Wahaibi, from
King Fahd University of Petroleum and Minerals, the affect of the application
of governance on family joint-stock companies, and the advantages and challenges
after the application of corporate governance, as well as discussing some of
the advices in this regard. Legal Adviser Salman Muteb Al Sudairy
in Salman Al-Sudairi Law Firm also speaks about the transformation
requirements of public contribution, and legal obligations between private and
public companies, and finally, Ahmed Aelkezlan, director of corporate
management in the Capital Market Authority presents the most important rules of
corporate governance and the impact of disclosure and transparency.
This, through the Forum program, some speeches are given by the
organizers of the event, where the chairman of the East chamber Abdulrahman bin
Saleh Ataishan will deliver a word about the importance of the
transformation of family businesses and how positive it is to
the company itself and economic community in the Kingdom as a whole, also
a word by Mr. Khalid Bin Ibrahim Al-Rabiaah from Capital Market
Company ( Tadawul), and the word of His Excellency the chairman of the Capital
market Authority, Mohammed bin Abdullah Al Jadaan.
The East chamber holds lectures and seminars that discuss the family business
sector in the region continuously and hosts officials and specialists and also
known counseling offices to offer experience, advice and guidance, also
the chamber hosts within free consulting program, the oldest and most
important international consulting offices to provide free service for
those interested in the transformation.
