ACDIMA Pharma Chairman steps down citing differences with shareholders

MOVES- Chairman Ahmed Hegazy has resigned from his position as chairman of October Pharma, sources close to the company told Al Mal. Hegazy is also the chairman of ACDIMA Pharma, which owns a 30% stake in October. ACDIMA shareholders reportedly raised conflict of interest concerns arising from Hegazy simultaneously holding both positions. ACDIMA had initially nominated him to represent the company on the board, but appears to have changed its stance. In response to the shareholders’ concerns, the General Authority for Freezones and Investment restricted Hegazy from becoming a member on the board of any other companies, prompting him to step down from his position. October Pharma has not yet chosen who will replace the former chairman.