Al Sagr Insurance shareholders disapprove request to dismiss four board members

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co.’s shareholders disapproved a request of some shareholders, owning more than 5% of the company’s shares, to dismiss four board members who represent Al Sagr National Insurance Co., during the ordinary general meeting (OGM), held on Sept. 29, according to a bourse filing. 

These members are Majed Abdullah Al-Sari, Abdullah Juma Al-Sari, Abdel Mohsen Nafez Jaber and Sultan Abdulaziz Al-Suwaidi. 

Meanwhile, shareholders also disapproved on the business and contracts that took place between the company and Abdul Rahman Ali Al-Turki Group, in which former board member Fahd bin Abdul Rahman Al-Turki has an indirect interest. The first agreement covers insurance policies for one year in exchange for SAR 5.12 for 2021, and it does not have any preferential conditions.  

The second agreement covers a share of the total claims for a period of one year, in exchange for SAR 4.34 for 2021, and there are no preferential terms. 

In June, Al Sagr Insurance said it received two letters from multiple shareholders owning about 6.9% of the company’s capital, requesting to hold an OGM to vote on the dismissal of four board members, Argaam earlier reported.