SRMG shareholders approve related-party deals

Logo of Saudi Research and Media Group (SRMG)

Saudi Research and Media Group's (SRMG) shareholders approved several related-party deals during an ordinary general meeting (OGM) held on June 24, the company said in a statement to Tadawul.

Shareholders gave the green light to business contracts concluded in 2024 between the group and Hala Printing Co., a subsidiary of Saudi Printing and Packaging Co. (SPPC), in which certain board members have an indirect interest.

The contracts, valued at SAR 17.9 million, involved printing services and carried no outstanding dues as of Dec. 31, 2024. The agreements were made without preferential terms.

Approval was also granted for similar transactions with Madina Printing and Publishing Co., another SPPC subsidiary, for printing services worth SAR 9.91 million in 2024. No amounts were due at year-end, and the contracts included no preferential conditions.

In addition, shareholders ratified advances totaling SAR 43.6 million made to SRMG subsidiaries to cover 2025 transactions.

The meeting also approved contracts with Argaam Investment Co. Ltd., in which board member Jomana Alrashid and Group CFO Mohammed Nazer hold indirect interests. These transactions—covering advertising services and subscription fees—were valued at SAR 301,500 in 2024, with SAR 175 outstanding as of Dec. 31, 2024. No preferential terms applied.

SRMG shareholders further approved transactions with Thmanyah Co. for Publishing and Distribution, including production costs, sponsorships, advertising, and other media services worth SAR 15.12 million in 2024. Outstanding dues from Thmanyah stood at SAR 6.03 million at year-end. Additionally, they approved a SAR 15 million loan to Thmanyah, fully outstanding as of Dec. 31, 2024.

Transactions with Al-Fahd Law Firm were ratified as well, totaling around SAR 50,000 in 2024, with no year-end balances due.

Shareholders also endorsed barter-based sponsorship and media service agreements with Red Sea Film Foundation, valued at SAR 3 million for the year. No amounts were due as of Dec. 31, 2024.

Lastly, the OGM approved transactions with MBC FZ LLC, a subsidiary of MBC Group, for program production and media services totaling SAR 3.75 million in 2024. Outstanding receivables from MBC FZ LLC amounted to SAR 4.31 as of year-end.

SRMG added that all other agenda items were approved by shareholders.

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