Al Ahlia to drop transactions not approved by shareholders

30/05/2019 Argaam

Al Ahlia for Cooperative Insurance Co.’s board of directors has decided to drop related party transactions not approved by the company’s general assembly, the company said in a bourse statement.

 

The transactions were to take place among the company and some other companies in which some board members have a direct or an indirect interest, the statement added.

 

The decision comes in-line with the general assembly’s meeting resolution within the deadline.

 

The step will have an immaterial impact on the company’s gross written premiums, the insurer added.

 

O May 31, 2018, the company’s board refused to approve related party transactions to take place among the company and some other companies.

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