Al Hammadi EGM approves contracts for 2017-2018

Shareholders of Al Hammadi Company for Development and Investment’s (Al Hammadi) on July 9 voted to renew contracts with Al Hammadi for Information Technology for the year. Last year’s deals were valued at SAR 512,000, the firm said in a statement on Tadawul.

At an extraordinary general assembly, shareholders also approved renewing contracts with Achtel Trading Co. till the end of 2017. Last year’s contracts were worth around SAR 3 million.

They also voted to renew deals with Al Hammadi Establishment for Contracting Union and Riyadh Development till the end of the year. Deals in 2016 were valued at SAR 120 million.

The company approved two contracts with related parties worth SAR 855,000 and SAR 630,000, for the period Oct. 7, 2017 to Sep. 7, 2018. 

Remuneration worth a total of SAR 600,000 for fiscal year 2016 was approved for the members of the board of directors.