The Ministry of Business Sector said in a statement on Tuesday, that Minister Khalid Badawi had issued a decision to reconstitute the board of directors of the Drug Holding Company, headed by Dr. Ahmed Moataz Fathi Hijazi, replacing the former president Mohamed Wanis.
Hijazi was the president of the Egyptian pharmaceutical trading company.
The minister reduced the number of members of the council, which lasts for 3 years, to only 7 members instead of 10 members, according to the minimum form of the Council provided for in the Law of Public Sector Companies No. 203 of 1991, according to the statement.
The company's old board had expired on February 16, 2018.
The minister has appointed on the Board of Directors, 5 new members along with Ahmed Fouad Taha representative of the General Federation of Trade Unions of Egypt.
The statement pointed out that the average age of directors in the 40s.
According to the statement, the list of new members included Rami El Borai, a free lawyer, Mohamed Abbas Fayed, Managing Director of Bank Audi, Moataz Farouk, Head of the Citadel Capital Group and Board Member, Tamer Wagih, Chairman of Prime company, Neveen Abd El Azizi , Assistant Professor, Department of Economics, Faculty of Business Administration, American University, Cairo.
Badawi said that the Ministry of Business sector aims to support the boards of companies with diverse and young expertise to pump new blood.
The minister asked the new council "the need to quickly identify the problems and challenges facing subsidiaries and find non-traditional solutions to address them."
The minister issued a decision yesterday, reshaping the board of directors of the Holding Company for Metallurgical Industries, headed by Medhat Nafie.