UCA shareholders approve financial statement, audit report for FY16

17/12/2017 Argaam

 

United Cooperative Assurance Co.’s general assembly approved on Thursday financial statements and the audit report for fiscal year 2016, the company said in a statement on Tadawul.

 

Shareholders also approved the board report for the same period and discharged board members from liabilities during FY 2016.

 

In addition, the general assembly approved SAR 900,000 in remuneration for the board chairman and board members for the same year, in addition to SAR 269,000 representing attendance allowance, committee fees, and other expenses.

 

Attendees also approved related party transactions to take place with Saudi Binladin Group, Middle East Group, and United Commercial Agencies Company. Values of related party contracts with these companies reached SAR 87.18 million, SAR 146,000 and SAR 14.4 million respectively in 2016.

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