Amana Cooperative Insurance Co. renewed its contract with El Seif Engineering Contracting for one year as of Jan. 15, 2020, the insurer said in a bourse filing.

 

Under the SAR 22.67 million worth of agreement, the Saudi insurer will provide health insurance services to the employees of the company and their dependents.

 

The relevant financial impact will appear on 2020 earnings.

 

El Seif owns 50% of Amana Gulf Insurance Co., which holds an 18.38% stake in Amana Cooperative Insurance Co.

 

The deal, which included related parties, is pending the approval of the upcoming general meeting, the statement added.

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