Saudi Public Transport Co. (SAPTCO) signed an agreement with The Company for Cooperative Insurance (Tawuniya) to provide health insurance services for SAPTCO employees and their families for a value of SAR 21.5 million.
The contract was awarded on December 2, 2019 and will have a term of one year from January 1, 2020, SAPTCO said in a statement to Tadawul on Monday.
The agreement is a related-party deal as SAPTCO’s board member, Raed Al Tamimi, is also a board member at Tawuniya, however, the deal was concluded within the normal course of business without any preferential advantages.
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