Al Ashghal Al Moysra shareholders reject contracts with related party

Logo of Al Ashghal Al Moysra Co.

Shareholders of Nomu-Parallel Market-listed Al Ashghal Al Moysra Co. disapproved the transactions and contracts between the company and Al Ashghal Al Maseera Co., during the ordinary general meeting (OGM) held on June 25.

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Chairman Sobhi Aljuwair, Vice Chairman Hameeda Al-Khalidi, and board member Abdulaziz Aljuwair (executive) have an indirect interest in the deals, the company said in a statement to Tadawul.

The commercial transactions involve labor supply to the company as needed under a one-year term.

The total value of the transactions, under the previously approved contract at the general assembly held on June 25, 2024, amounted to SAR 1.06 million. A total of SAR 873,200 was paid during the year, with the remaining SAR 414,500 scheduled for payment at the end of the period.

These transactions were conducted as part of the company’s normal business operations, in accordance with prevailing commercial terms and without any preferential conditions.

Due to the rejection of item 9, shareholders set a six-month deadline from the OGM date for board members -Sobhi Aljuwair, Hameeda Al-Khalidi, and Abdulaziz Aljuwair - to either terminate the contract or regularize their status in compliance with Article 67 (b) of the implementing regulation of the Companies Law for Listed Joint Stock Companies.

The OGM approved all other agenda items, including authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2025, the statement said.