Alkhaleej Training and Education GA Approves Related-Party Business and Contracts

Alkhaleej Training and Education Co. announced on Wednesday the results of its Ordinary General Assembly Meeting (First Meeting), which included the following:

1. Review and discussion of the company’s financial statements for the fiscal year ending Dec. 31, 2024;

2. Approval of the company’s auditor’s report for the fiscal year ending Dec. 31, 2024, after discussion;

3. Review and discussion of the Board of Directors’ report for the fiscal year ending Dec. 31, 2024;

4. Approval of the appointment of Baker Tilly MKM & Partners, chartered accountants, as the company’s auditor, from among the nominated candidates based on the Audit Committee’s recommendation, to examine, review, and audit the financial statements for the second and third quarters and the annual financial statements for fiscal 2025 and the first quarter of fiscal 2026, for a fee of SAR 1.485 million;

5. Approval of the discharge of the company’s Board of Directors from liability for the fiscal year ending Dec. 31, 2024;

6. Approval of the disbursement of SAR 1.5 million as remuneration to the Board of Directors for the fiscal year ending Dec. 31, 2024;

7. Approval of the Board of Directors’ delegation of the authority of the Ordinary General Assembly to authorise the company under Paragraph (1) of Article 27 of the Companies Law, for a period of one year from the date of General Assembly approval or until the end of the authorised Board’s term, whichever comes first, in accordance with the conditions stipulated in the Executive Regulations of the Companies Law for listed joint-stock companies;

8. Approval of the business and contracts concluded between Alkhaleej Training and Education Co. and the Cooperative Insurance Company, in which Board Member Eng. Mohammed bin Hamad Hassan Al Quraisha has an indirect interest. Contract type: Insurance contract to provide medical insurance services to employees and their families. Contract term: 1 year. Transaction value in 2024: SAR 29.19 million. The contract does not contain any preferential terms or benefits;

9. Approval of the business and contracts concluded between Alkhaleej Training and Education Co. and the owner of Al-Ahsa Schools Complex, in which the Chairman of the Board, Abdulaziz bin Rashid Al-Rashed (non-executive member), has an indirect interest. Transaction type: A school operation contract under which Alkhaleej Training and Education operates the Complex in exchange for a profit margin on operating costs. Contract term: 20 years. Transaction value in 2024: SAR 650,074. No preferential terms or benefits;

10. Approval of the business and contracts concluded between Alkhaleej Training and Education Co. and AlKhaleej Limited Company, in which Chairman Abdulaziz bin Rashid Al-Rashed has an indirect interest. Transaction type: A building rental contract for a 4,000-square-metre building. Contract term: 1 year. Transaction value in 2024: SAR 900,000. No preferential terms or benefits; and

11. Approval of the business and contracts concluded between Alkhaleej Training and Education Co. and Board Members Abdulaziz bin Rashid Al-Rashed, Nayef bin Saleh Abdulaziz Al Rajhi, and Eng. Al Waleed bin Abdul Razzaq Saleh Al Duraiyan, who have direct interests. Transaction type: Sales contract for the sale of Taif Women’s Health Centers and Voge Women’s Beauty Center, owned by the company. Transaction value in 2024: SAR 7.2 million. No preferential terms or benefits.