“Syriatel” judicial guard drops the membership of “Ramac” company from its board of directors

The judicial guard of the cellular communications company “Syrtel” issued a decision to forfeit the membership of the “Ramak Development and Humanitarian Projects Private Joint Stock Company”, owned by businessman Rami Makhlouf, from the membership of the “Syriatel” board of directors.

According to the decision, the two positions that the company occupied on the board of directors of “Syriatel” were canceled, namely the position of the chairman of the board of directors and the position of a member of the board of directors, according to what was published by the “Al-Iqtisadi” website, quoting the “Damascus Securities Exchange.”

According to the site, the “Al-Mashreq Investment Fund Private Holding Company” also announced its resignation from all its positions on the board of directors of “Syriatel” for special reasons, as it held two positions: Vice Chairman of the Board and the position of a member of the Board of Directors.

Ramak Company, whose board of directors is chaired by businessman Rami Makhlouf, was the most prominent shareholder in Syriatel, with 40% of its shares.

In May 2020, Syriatel announced the resignation of Ihab Muhammad Makhlouf from the company’s board of directors, and the “Mashreq Investment Fund Company”, represented by Ali Rami Makhlouf, was appointed as a member of the board of directors instead of the resigned member.

Syriatel was established in 2001, and it was listed in the Damascus Stock Exchange at the end of 2018. Its capital is currently 3.35 billion pounds, distributed over 33.5 million shares, and the number of its shareholders reached 6,534 at the end of 2020.