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 exclusive 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 effect 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.
