SABB Takaful shareholders to vote on contracts with related parties on Oct. 15

SABB Takaful Co.’s shareholders will vote, during the Ordinary General Meeting (OGM) to be held on Oct. 15, 2020, on authorizing the company’s annual insurance agency contract in 2019 for selling company’s products exclusively, with a party who has relation with SABB Insurance Agency Ltd, in which board members Mohammed Alshayea, Bashaar Alquinabit, Yasser Albarrak, Faris Alshareef, and Maha Alsudairi have an indirect interest as SABB representatives, and to authorize it for the following year.

The statement added that the total commission paid is SAR 3,798,000, adding that there are no special or preferential terms with the contracts.

Additionally, shareholders will vote on authorizing the company’s various annual insurance contracts with a party who has relation with HSBC Saudi Arabia Ltd, in which board members Mohammed Alshayea, Bashaar Alquinabit, Yasser Albarrak, Faris Alshareef, and Maha Alsudairi have indirect interest as SABB representatives, and to authorize it for the following year.

The various annual insurance contracts and transactions were in 2018 and related to property all risk, public liability, business interruption, electronic equipment, sabotage & terrorism, with total amount of SAR 1,141,000, the company said, adding that there are no special or preferential terms with the contracts.

Shareholders will also vote on the appointment of Faris Fehied Alshareef and Maha Mohammad Alsudairi as board members, effective July 21, 2020.