Aseer reelects board for new three-year term

30/10/2016 Argaam

Aseer Trading, Tourism & Manufacturing Co.'s shareholders on Thursday approved reelecting the board of directors for the next three-year term starting from Oct. 27, the company said in a statement to Tadawul.

 

In addition, the company’s general assembly extended its contract with Jadwa Investment for a total value of SAR 110.4 million through Jadwa Co-Investment Fund (Saudi Lube Oil).

 

The contract, which has been effective since 2007, will remain valid until the liquidation of the fund or Asser's exit.

 

The managing director, Abdul Rahman Al-Roweeta, is a related party as he owns a stake in Jadwa Investment, the company added.

 

Meanwhile, Asser's lease contract with Al-Khozama Management Co., in which it owns a five percent stake, was also renewed for one additional year. The annual lease value totaled SAR 1.5 million under a five-year agreement.

 

Board chairman Abdullah Saleh owns a stake in Al-Khozama, the statement added.

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