Alfakhera chairman, vice chairman scrap related-Pparty deal

Logo of Al-Fakhera for Men’s Tailoring Co.

Al-Fakhera for Men’s Tailoring Co. said that Suleiman Al-Yahya (Chairman) and Hamad Al-Yahya (Vice Chairman) decided to terminate a contract dated 2024 with Suleiman bin Hamad Al-Yahya Real Estate & Contracting Co.

 

The decision was made in compliance with paragraph (b) of Article 67 of the executive regulations of the Companies Law for listed joint-stock firms, the company said in a Tadawul filing.

 

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The financial impact of the contract termination will be reflected in the annual statements for 2025, it added.

 

In June, shareholders rejected approving related-party transactions for 2024 between Al-Fakhera and the real estate company, in which Suleiman Al-Yahya (Chairman), Hamad Al-Yahya (Vice Chairman), and Abdulaziz Al-Yahya (Managing Director) had direct interests.

 

The transactions included leasing several outlets and facilities from the real estate firm, such as Al-Kisai showroom and Al-Fakhera showroom in Buraidah, warehouses in Riyadh, and staff housing in both cities. The one-year contract was valued at SAR 412,300 annually, renewable, with no preferential terms.

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