Saudi Arabian Amiantit Co. has appointed Feras Bin Ghassab Al-Harbi as its new chief executive officer, according to a bourse statement.
The decision was made after the resignation of Khalil bin Abdulfattah Kordi from the position of CEO on Feb.28, media reports said.
Feras has occupied several leadership positions in a number of joint-stock companies.
He has been working within Saudi Arabian Amiantit Co. as Group Chief Financial Officer and Group Chief Operating Officer.
Meanwhile, the Saudi Arabian Amiantit Co.’s board has decided to reduce the capital of the company by 69.06 percent to SR99 million ($26 million).
The capital before the reduction was SR320 million ($85.30m), while the capital after reduction stands at SR99 million.
The company had 32 million shares before dilution, and after reduction, it has over nine million shares.