– UK, London – Savannah Resources plc (AIM: SAV) announces that further to the investment by Al Marjan Limited in the Company, which was announced on 15 February 2016, Savannah has appointed two of Al Marjan’s nominees and their respective alternates to the Board.
Mr. Maqbool Ali Sultan and Mr. Imad Kamal Abdul Redha Sultan have been appointed as Non-Executive Directors of the Company with Mr. Manohar Pundalik Shenoy and Mr. Murtadha Ahmed Sultan being appointed as their respective alternates. Their appointments are pursuant to the relationship agreement entered into between the Company and Al Marjan, the Company’s largest shareholder (29.9%), following its £1,747,473 (before expenses) investment in the Company, as announced on 15 February 2016.
Savannah’s Chairman, Matthew King said, “We welcome the appointment of Al Marjan’s representatives to the Board, which reflects the continued support Al Marjan has shown the Company as its largest shareholder. They will bring a wealth of very relevant expertise to the Board, both in relation to Oman, and as a result of their extensive regional and international business experience.
“These appointments are complementary to and supportive of our strategy in Oman where Savannah continues to successfully execute its business plan, targeting copper production in late 2017.”
Credentials of Appointees
Mr Maqbool Ali Sultan has significant business experience in Oman, the Middle East and internationally. In 1987 he was elected as President of the Oman Chamber of Commerce & Industry before being appointed as Minister of Commerce and Industry in 1991, a role which he held until 2011. During this time he represented the Government of Oman in a number of organisations, including as Chairman of Oman Oil Co., Chairman of Sohar Industrial Port, Chairman of Capital Market Authority, and as a Member of the Executive Committee of the State General Reserve Fund. Since 2011 he has been Group Advisor of W J Towell and Co. LLC*. He is also the Chairman of the Omani British Friendship Association.
Mr Imad Kamal Abdul Redha Sultan is Vice Chairman and Deputy Managing Director of W J Towell and Co. LLC*. Having started his career as a Trainee Marketing Executive, Mr Imad Kamal Abdul Redha Sultan joined W J Towell as a Business Development Manager in 1995, before advancing to his current role. He has accrued extensive managerial and board experience during his time with the company and currently serves as director and/or chairman on a number of W J Towell Group companies including Towell Engineering Cluster, Nestlé Oman Trading LLC and General Electric & Trading Company LLC. Other notable board positions held include serving as a director on the boards of the National Bank of Oman and Ominvest in the past, and National Hospitality Institute & Oman Arab Bank at present.
Mr Murtadha Ahmed Sultan holds a Diploma in Sales and Marketing and is a Director of W J Towell and Co. LLC*. Having joined W J Towell in 1975 Mr Murtadha Ahmed Sultan has built a wealth of experience working in Oman at a Board level. His responsibilities within W J Towell include acting as Chairman for a number of companies, including Towell Auto Centre LLC, Agility and Spring Air Bedding Co. India Private Ltd. He also has extensive experience working with publicly limited companies, with directorships in United Power Company, Gulf International Chemicals and Oman Flour Mills Co. SAOG. He is also a member of Omani government organisations The Public Authority for Investment Promotion & Export Development and Corporate Governance – Capital Market Authority (CMA).
Mr Manohar Pundalik Shenoy holds three professional qualifications, Chartered Accountant, Cost and Works Accountant; and Company Secretary, in addition to possessing a B.Com (Honours) in Commerce, Economics & Advanced Accountancy from Bombay University. Mr Shenoy has since also participated in INSEAD’s Advanced Management Programme. He has over 40 years’ corporate experience and since January 2015 has acted as Financial Advisor to Al Marjan Limited. He is currently Group Chief Financial Officer of W J Towell and Co. LLC*. Within this role, Mr Shenoy has responsibility for group’s treasury, parent company and group consolidated audited accounts, group budgeting and management reporting, and group taxation. He is also a member of the Finance and Investment sub-committees of the board. Prior to this, Mr Shenoy worked with a number of multi-national corporations, particularly in India and Russia, as Finance Director / Chief Financial Officer.
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August 22, 2019
August 22, 2019