Amana’s OGM disapproves business, contracts concluded with Al Saif Group

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co.’s shareholders refused to ratify the business and contracts concluded with Al Saif Group, in which the board member Naif Al-Sudairy has an indirect interest, according to a statement to Tadawul.

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These contracts are multi-year insurance policies and claims paid without any special conditions or benefits. The transaction value for the previous year 2024 was SAR 173,037.

Accordingly, the assembly has given board member Naif Faisal Al-Sudairy two months from the date of the ordinary general assembly (OGM) to either withdraw from the contract, transaction, or business, or adjust his situation in line with Article 67, paragraph (b) of the Executive Regulations of the Companies Law for listed joint-stock companies, before the expiry of the specified period.

On the other hand, shareholders approved all other items on the meeting’s agenda.