Misr Italia Holding appointed Ahmed Saad El-Deen Abou Hendya as its new non-executive chairman in addition to Mohamed Hany El Assal and Mohamed Khaled El Assal as managing directors and board members, Invest-Gate reports.
The board will also include prominent names and leading experts such as Hany Anwar Tawfik, Hisham Ahmed Hassan, Mohamed Tarek El Gamal, and Salah El Din Mahmoud Al-Maadawi, who are expected to lead the company with their prominent experience in the fields of construction, real estate development in addition to financial and economic investment, according to the company’s statement on April 26.
“The step taken by Misr Italia Holding comes after [it] successfully passed the period of establishment and achieved significant growth. Thus, it became inevitable that the company transforms from family investment to professional investors. This involves the institutional, corporate approach as well as independent management in order to manage the business better and maximize the investments of the group,” Hany El Assal, founder and member of the Board of Directors was quoted as saying.
For his part, Khaled El Assal, founder and board member of Misr Italia, stressed that the group is relying more on qualified calibers to maintain its continued growth and contribute to its efficiency, while leaving the decision-making process for the executives to ensure high levels of corporate governance. This will help make the company more attractive to investors, he added.
The new restructure has led the two managing directors to take supervisory roles in the corporate governance, audit, and investment committees, allowing the company to benefit from their experience, which reaches 80 years in the fields of construction, real estate, and tourism development.