Sarine Technologies Ltd has announced the appointment of Varda Shine as an Independent Director on its Board as part of the process of diversifying the Board’s composition. The appointment is subject to approval at the Company’s Annual General Meeting to be held in Singapore on 25 April 2017.

Sarine's Executive Chairman of the Board, Daniel Benjamin Glinert, said that this “addition to our Board will bring with it a wealth of experience, knowledge and networking that will greatly benefit the Company".

Glinert further explained that with the Group had taken this step keeping in mind its plans for expansion and growth on the downstream polished diamond trade segment of the diamond industry, as well Corporate Governance principles.

He added, “Three of the sitting Directors, Messrs. Harel, Mashiah and Stark, members of the founding shareholders' group, have decided to step down at the end of their current term and not seek reappointment at the upcoming AGM. In their stead the Board has sought and attained Ms. Shine's concurrence to join the Board and is actively seeking up to two additional candidates for directors, optimally with experience in the retail trade of polished diamonds in the North American and Asia Pacific markets.”

The Company announced that since two other candidates have not yet been identified, at the current AGM only seven directors will constitute the Board. “We will seek to complement the Board with up to two additional directors during 2017, whose confirmation will be brought to the following AGM in early 2018," Glinert said.