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Saudi health minister named Ma'aden chairman

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Saudi health minister named Ma'aden chairman

Saudi ArabianMining Co., also known as Ma'aden, said April 28 that it hasappointed Khalid Bin Abdul Aziz Al-Falih chairman.

Al-Falih, who is also Aramco chairman and Saudi Arabia's healthminister, was among four new board members the board of the Public InvestmentFund decided to replace with new representatives.

The fund nominated Lubna Al Olayan, Mansour Bin SalehAl-Maiman, Mohammed Bin Abdullah Al-Kharashi, Sultan Bin Jamal Shawli andKhalid Bin Hamad Al-Sanani to be nonexecutive board members.

Meanwhile, Abdullah bin Saif Al Saif and Abdul Aziz binAbdullah Sugair have resigned as independent board members, effective April 28.

Azzam bin Yaser Shalabi and Jean Shamo will replace thosewho resigned, effective the same day.

The appointments will be put to shareholder vote at anupcoming meeting.

Earlier, Ma'aden reported first-quarter of 168.9 million Saudiriyals, down 35.26% from the 260.9 million riyals recorded in the same periodin 2015.

As of April 28, US$1was equivalent to 3.75 Saudi Arabian riyals.