Gulf Union Al Ahlia GA Votes on Business and Contracts made with Related Parties

Board of Directors of Gulf Union Al Ahlia Cooperative Insurance Company invited shareholders to participate and vote in the Ordinary General Assembly Meeting (First Meeting), through modern technology, on Tuesday 28/06/2022. The General Assembly Meeting Agenda’s results is represented in:

– Voting on the business and contracts that were entered into between the company and Rawabi Holding Group, in which the Chairman of the Board of Directors – Mr. Abdulaziz Ali Al-Turki has a direct interest in (where he holds the position of Chairman of the Board of Directors), noting that the transactions that took place during the fiscal year 2021 are (insurance policies for one year with a value of SR1,431,844), there are no preferential terms in these deals and contracts.

According to Article (32) of the Company’s bylaw, the Ordinary General Assembly meeting is valid if it is attended by shareholders representing at least a quarter of the capital, and if the mandatory quorum is not available to hold this meeting, the second meeting will be held an hour after the end of the period specified for the first meeting, and the second meeting is valid whatever the number of shares represented in it.

All shareholders registered in Tadawulaty will be able to remotely vote on the items of the Ordinary General Assembly Meeting starting on Friday, 25 Thu 24 June 2022, and until the end of the General assembly meeting on Tuesday, 28 June 2022.

The Ordinary General Assembly will only be conducted through modern technology means, to ensure the safety of dealers in Stock Exchange Market.