SABB Takaful shareholders approve contracts with related parties

SABB Takaful Co.’s shareholders approved the business transactions and contracts concluded with related parties in the fiscal year 2019, during the ordinary general assembly meeting (OGM) held on Oct. 15, 2020.

The first transaction includes annual insurance agency contract in 2019 for exclusively selling company’s products, with a party who has relation with SABB Insurance Agency Ltd, to authorize it for the following year, for a total paid commission of SAR 3.7 million.

Shareholders also approved authorizing the company’s various annual insurance contracts - related to property, public liability, business interruption, electronic equipment, sabotage and terrorism - with a party who has relation with HSBC Saudi Arabia Ltd, to authorize it for the following year, for a total of SAR 1.1 million.

The agreements represent an indirect interest for board members, including Mohammed Alshayea, Bashaar Alquinabit, Yasser Albarrak, Faris Alshareef, and Maha Alsudairi, as SABB representatives.

There are no special or preferential terms with the mentioned contracts, the statement added.

In addition, shareholders approved the appointment of Faris Alshareef and Maha Alsudairi as board members, effective July 21, 2020.