Elm, Tawuniya announce SAR 54.7 mln employees insurance contract

Elm co.’s headquarters

Elm Co. and The Company for Cooperative Insurance (Tawuniya) announced a health insurance contract at a total value of SAR 54.3 million, inclusive of value-added tax (VAT).

In separate bourse statements, the two companies said the contract relates to Elm employees.

The contract is expected to be signed on Aug. 1 and it will be valid for one year from June 30, 2022.

Abdulrahman Al Odan and Khalid Al Ghonaim have indirect interest in the deal, being board members for both companies, however, the contract was concluded with no special or preferential terms, the statements noted.

Elm expected the financial impact and the cost of this contract to appear in H2 2022 and H1 2023, while Tawuniya said that the contract will have a positive impact on the company’s revenue for 2022.