Alsaif Gallery shareholders reject transactions with some board members

Logo of Alsaif Stores for Development and Investment Co.

Shareholders of Alsaif Stores for Development and Investment Co. refused, during their extraordinary general meeting (EGM) held on June 30, some transactions concluded with Sulaiman Al Saif, in which he has a direct interest.

In a statement on Tadawul, the company stated its rejection for some transactions: SAR 96,280 in expenses paid on behalf of a shareholder, SAR 97 million for the sale of land and a building, and SAR 20 million in received financing. All these transactions concluded in 2024.

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Additionally, the EGM rejected other transactions and contracts with some board members, as they have a direct interest in them.

These refused contracts are the contracts concluded with Al-Seif Plus Trading Company for SAR 1.6 million and the contracts with Mohammed Al-Seif for SAR 15 million. This is in addition to the contracts with Haitham Al-Saif, Muhannad Al-Saif, and Ahmed Al-Saif for SAR 156,040, SAR 44,460, and SAR 44,300, respectively.

Meanwhile, the EGM approved all other items on the agenda, including authorizing the board of directors to distribute interim dividends to the company's shareholders on a semi-annual or quarterly basis for 2025, as well as a number of other businesses and contracts, the statement added.