08/09/2013
Organized by the Chamber and Tadawel next Wednesday
Al-Sheikh sponsor the Forum "turning family businesses into contribution"
10 working papers, including 4 recent trials over three sessions
Family business turned into joint stock companies forum" organized by the Chamber in cooperation with Saudi stock exchange (Tadawul) on Wednesday (11/9/2013) reviewed ten working papers distributed over three meetings, which discuss the idea of transformation it is importance ,challenges, mechanisms and legal requirements to get this transformation.
The President of the Chamber Abdul Rahman bin Rashed Alrashid, said that the meeting held under the auspices of the Chairman of the capital market authority of Saudi Arabia Muhammad Ibn Abdulmalik al-Sheikh to examine many topics regarding the monitoring of positive points that accrue to the national economy by converting the family companies into joint stock companies, the first session was devoted to the Forum view (family business), during this meeting experiments for four family firms into joint stock companies will be introduced and during this meeting headed by The family business strategist Dr. Sami Salman speaks , from the CEO and Managing Director of Al sorayai group Saleh Alsorayai, Abdulrahman Moulay Member of the Board of directors from Fawaz Abdulaziz alhokair company, CEO of the sons of Abdullah bin Abdulmohsen Al-khodari Company , Fawaz Al-khodari, Managing Director of advanced configuration industries Abdulmohsen al-Othman
AlRashid said that the 'Experiencethebestproof' is reflected in this forum, where they will present their achievements before and after transformation, to encourage and stimulate other family businesses that are still the pride of this nation and its citizens, but we do strive to continue these achievements and growth, because they will be more positive and broader impact.
Al-Rashid also said that turning a family business into joint stock companies is not easy, there are several challenges to this 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 public stock company),tostandonthebestmeanstobringaboutthedesiredtransformation, and monitor positions facing family businesses in transition, speaking at this session Headed by Board Member at the Institute of managers in GCC Dr Abdullah Abdul Al-Qader, Chairman of the financial and accounting advisory services company Brass Water house Coopers Middle East Steve Drake, presenting specialized paper titled (challenges facing family businesses to public offering)and Chairman of the private equity and investment banking firm Jadwa investment Tarek al-Sudairi (the road to a successful initial public offering), and Senior Vice President of investment banking ' RC ' Rashid Shariff (pre-launch preparations ) and the head of Investment Banking Group Falcom financial services Moaz Al-Khasawneh (business valuation). Therefore, this meeting will monitor the transition challenges and engage in a new reality. Participants will also review the determinants of family business transformation into joint stock companies, and the mechanisms for the application, and the expected economic impacts and implications of this transformation.
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 specialist. Stressing that this forum brought awareness message to businessmen and owners of family businesses, 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 making 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), and Executive partner Dr. Iyad Redha attorneys and legal consultants, Dr. Iyad Redha with working paper entitled (family business turned into joint stock companies, the importance and intellectual protection), where participants stand on the conditions for company transformation to ensure its continuity and persistence as profit company aimed at maximizing revenue and value added achieved.
Alrashed gave his gratitude for 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 and 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 event and meeting business people, negotiate with them will improve the Forum and enrich discussions, which we expect to be positive and supportive of our movement, and consistent with ongoing growth in the national economy.
