Walaa signs SAR 9.5 mln insurance contract with Advanced

06/08/2020 Argaam

 

Walaa Cooperative Insurance Co. signed today, August 6, an insurance agreement with Advanced Petrochemical Co., to provide various insurance coverage, the company said in a statement to Tadawul on Thursday.

 

The premium for the one-year agreement, which starts today, is valued at SAR 9.53 million.

 

The contract will have an impact on the 2020 financial statement, the statement noted.

 

Khalifah Abdullatif AlMulhem and Waleed Mohammad AlJaafari are related parties as they are board members in both companies.

 

No preferential treatment was given on this policy, which falls within the usual business activity, the statement noted.

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