AlShiaka, a Saudi men's outfitters specialized in designing and making men's thobes, held its first Board meeting last Aug. 27. This move comes after SEDCO Holding Group's acquisition of 40% of AlShiaka. In the meeting, Anees Ahmed Moumina was appointed as Chairman of AlShiaka's Board, in addition to forming the board audit committee as well as approving the business agenda. SEDCO Holding Group announced earlier this year in Q1 the acquisition of a 40% share of Al Shiaka. This step comes in line with SEDCO's strategic direction to reinforce the implementation of corporate governance best practices in its companies and with its partners. Moumina, also the CEO of SEDCO Holding Group, said: “In addition to profitability, increased growth, and risk management, we pay special attention to corporate governance. This move is an extension of Al Shiaka's journey to fulfill our vision to be a leading company which adheres to the best growth standards.” Waleed AlAndijani – CEO of Al Shiaka, said: “In this partnership, SEDCO Holding Group contributes its wide experience in corporate governance, thus reinforcing Al Shiaka's success and building further growth opportunities based on best global practices in this field.” — SG
