Al-Jouf Water announces shareholder approval of related-party contracts involving chairman

Al-Jouf Mineral Water Co. announced on Thursday that its Ordinary General Assembly (First Meeting) approved several business transactions and contracts in which Chairman Ashry Al-Ashry holds a direct interest.

According to the company’s disclosure on Tadawul, shareholders reviewed and approved the financial statements and the board of directors’ report for the fiscal year ending 31 December 2024. They also discharged the board members from liability for the year and approved the external auditor’s report.

The assembly approved the appointment of Al-Kharashi & Co. Mazars as the company’s auditor for the fiscal year 2025, with a total fee of SAR 233,000, excluding VAT.

Additionally, shareholders approved the following related-party transactions involving the chairman:

Development Works Co. Ltd (Holding Company): Financing and proxy expenses. Debit transactions totaled SAR 22.44 million; credit transactions SAR 11.83 million. Balance as of 31 December 2024: SAR 0.00.

Wishah Al-Watan Co.: Financing and proxy expenses. Debits: SAR 2.81 million; credits: SAR 3.83 million. Balance: SAR 0.00.

Al Rai Environmental Services Co.: Financing and proxy expenses. Debits: SAR 3.79 million; credits: SAR 400,429. Balance: SAR 0.00.

Kasb Holding Co.: Previous balance. Debits: SAR 17,425; credits: SAR 0.00. Balance: SAR 0.00.

Ashry Al-Ashry (personal): Debt settlement. Debits: SAR 2.37 million; credits: SAR 14.33 million. Balance as of 31 December 2024: SAR 11.96 million.