Quara Finance Approves Related Party Transactions, Auditor Appointment

Quara Finance Company announced the results of its Ordinary General Assembly Meeting (First Meeting), held on Wednesday, where shareholders approved several key agenda items, including transactions with related parties.

Transactions between Quara Finance and Quara Tech, which is jointly controlled by major shareholders, were approved. The SAR 3.13 million deal involved software development services with no preferential terms.

Additionally, shareholders approved transactions with Alkhair Capital amounting to SAR 862,500 for underwriting services. Several Quara Board members have indirect interests due to their positions on Alkhair Capital’s Board.

The meeting also approved the Board’s report, audited financials for 2024, auditor’s report, Board discharge, amended remuneration policy, and remuneration payments totaling SAR 250,000 for Board and committee members.

KPMG Al Fozan & Partners was appointed as external auditor for FY 2025 and Q1 2026.