10/09/2013
Organized by the Chamber and Tadawel
Under the patronage of the head of Saudi Capital Market Authority
10 papers and 4 successful experiments are reviewed during the Forum (family businesses turning to contribution)
The East Chamber organizing on Wednesday morning (11/09/2013) representatives of the family business, with officials from the CMA some gathering of experts and officials, to discuss the issue of the most pressing economic issues (family business turned into joint stock companies), under the auspices of President Mohammed bin Malik Al-Sheikh, to discuss this issue and related topics. According to the Chairman of the Chamber Abdul Rahman bin Rashed Alrashed that this Forum organized by the Chamber in cooperation with the ' Tadawel ' today will present ten worksheets, spread over three sessions, during which he discussed a number of issues relating to the subject of change: how to shift from family to public companies, and governance in family firms, in addition to showing four trials of four family firms into joint stock companies.
AlRashid said that the Forum seeks to monitor the positive aspects of the national economy by converting the family companies into joint stock companies, the first session was devoted to the Forum (family business experience ), where it will be during this meeting introducing experiments for four family firms converted into joint stock companies, speaks during the meeting chaired by family business strategist Dr. Sami Salman from the CEO and Managing Director of Al sorayai Group (Saleh Alsoraya), and member of the Board of directors by Fawaz Abdulaziz alhokair company (Abdulrahman Moulay), CEO of the sons of Abdullah bin Abdulmohsen Al-khodari (Fawaz Alkhodhairy), Managing Director of advanced configuration for industries (Abdulmuhsen Alothman).
Al Rashid said that the ' Experince is the best Proof' is reflected in this forum, where they will present their achievements before and after transformation, to encourage and stimulate other family companies that have made a lot of achievements to become the pride of the nation and its citizens, but we do strive to continue these achievements and growth, it will be more positive and more impact if it is moved from family to contribute.
AlRashid said that the participants in the Forum will present the determinants of family business transformation into joint stock companies, and the mechanisms for the application, the expected economic impacts and implications of this transformation from family business turned into joint stock companies are not easily, since a number of challenges and obstacles related to the project, despite loads of agreed conclusions, so the Forum Scientific Committee decided to customize the second session of the meeting to discuss (how to shift from family firms to stock), and during this meeting the best means to effect the desired change will be presented , monitor positions facing family businesses in transition, speaking at this meeting, chaired by Board Member Management Institute of managers in GCC Dr. Abdullah Abdul Al-Qader (Russell Taylor), from Brass Water House Coopers Middle East with a specialized paper titled (challenges facing family businesses to public offerings), and Chairman of the private equity and banking investment firm at Jadwa investment (Tarek Al-Sudairy) about (the road to a successful initial public offering), and Senior Vice President of investment banking ' RC ' (Rashid Sharif) (pre-launch preparations ) and head of investment banking group falcom financial services (Moaz Al-Khasawneh) (Company Evaluation). Therefore, this meeting will monitor the transition challenges and engage in a new reality, the issue the central point of the family business to become a contribution, based on scientific data and realistic results in companies that turned out to be a contribution.
Al-Rashed said that this meeting is a valuable opportunity to meet with businessmen and investors in the eastern region, officials in the capital market authority, the Saudi stock exchange (Tadawul), financial advisers and legal specialists. Stressing that this forum brought awareness message to businessmen and owners of family businesses, to the importance of the transition, and the technical and legal aspects, through knowledge and ways and means of transformation, the previous experiences of the family companies listed on the Saudi stock market, as well as to make them aware of the challenges that might face them in this way. The third session was devoted to research (governance and family businesses), to which the governance of fundamental value, is almost a prerequisite for the transformation process, which emphasizes the process of disclosure and transparency, separation of ownership and management and requirement of allowing access to the Board persons from outside the family, in addition to the arbitration regulations and laws, and expand the Board, etc.. In this context, the Forum will discuss the topic of governance through worksheets offered by both the Director of corporate governance for the CMA Alwaleed Sinani, entitled (the importance and advantages of application governance in family firms), Executive partner Dr. Iyad Reza at attorneys and legal consultants Dr. Iyad Reza with working paper entitled (family business turned into joint stock companies, the importance and intellectual protection), where participants stand on the conditions in the family company transformed to ensure its continuity and persistence as profit company aimed at maximizing revenue and value added.
The Secretary General of the Chamber Abdul Rahman bin Abdullah Alwabel appreciated the CMA's cooperation in organizing this event which will be held under an agreement between the two parties and said that this cooperation will produce many results, not least the success of this meeting, which organized by the Chamber in cooperation with money market (Tadawul), adding that the participation of his Excellency the President of the Board of Directors of the Saudi stock exchange (Tadawul) Mohammed bin Malik Al-Sheikh in this work and his discussion with the businessmen will enrich the Forum discussions and dialogues, which we expect to be positive and supportive of our movement, consistent and continued with the growth in the national economy.
Alwabel hoped for the success in this event to achieve what we aspire to in various aspects and areas.
