Al-Fakhera shareholders reject contracts with Sulaiman Real Estate

Al-Fakhera for Men’s Tailoring Co. shareholders rejected the approval of business and contracts and contracts executed during the fiscal year ended Dec. 31, 2024, between the company and Sulaiman Bin Hamad Al Yahya Real Estate and Contracting Co., during the ordinary general meeting (OGM) held on June 15.

 

These deals were deemed to involve direct interests for board member Suleiman Al Yahya (Chairman), Hamad Al Yahya (Vice Chairman), and Abdulaziz Al Yahya (Managing Director) at the time.

 

 

In a statement to Tadawul, the company said that the deals included renting properties from Sulaiman Real Estate.

 

These properties include Alkessaey showroom in Al-Safra district, Buraidah city; Al-Fakhera showroom on King Abdulaziz Road, Buraidah city; Warehouse 1 in Al-Shifa district, Riyadh city; Warehouses 2 and 3 in Al-Shifa district, Riyadh city; Labor housing in Buraidah city; and Labor housing in Riyadh city.

 

The contract duration is one year, renewable annually, and includes no preferential terms, with a total value of SAR 412,300.

 

Due to the rejection of this item, shareholders have set a three-month period from the meeting date for board members Suleiman Al Yahya and Hamad Al Yahya to terminate the contract, cease the deals, or regularize their situations in accordance with Paragraph (B) of Article 67 of the Executive Regulations of the Companies Law for publicly listed joint-stock companies.

 

Shareholders approved the remaining items on the agenda, including authorizing the board of directors to distribute interim dividends to shareholders on a semi-annual or quarterly basis for 2025.