Taiba GA approved purchase of Savola shares in Knowledge City for SR459.3 mln

Taiba Investments Company’s Board of Directors announced on Wednesday the results of the 41th Ordinary General Assembly Meeting where the statutory quorum was met.
Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
Approval on the businesses and contracts concluded between the company and Savola Group Company in which the Chairman Dr. Waleed Bin Mohammad Al-Issa has an indirect interest who is as a Director Manager at Assila Investment company, which is one of the substantial shareholders of the two companies with exceeding of 5% of the capital for both of them.
As well as the indirect interest for a board member Eng. Muhannad Bin Qusai Al-Azzawi who has a relative relation with a board member of Savola Group Company Eng. Moutaz Qusai Hassan Al Azzawi regarding the purchasing of all shares and the shares owned by Savola Group Company that is in Knowledge Economic City Company; where Savola Group Company owns 11.47% direct and indirect in the Knowledge Economic City Company (6.40% of direct ownership and 5.07% of indirect ownership through the Knowledge City Developers Company ( Limited Liability Company) with amount of (459,256,000) Four Hundred and Fifty Nine Million, Two and Fifty-Six Thousand Riyals.There are no preferential terms.