Shareholders of stc approved the business contracts with Walaa Cooperative Insurance Co., in which board member Jameel Al-Mulhem has an indirect interest, during the ordinary general assembly meeting (OGM) held on Feb. 21.
The telecom provider said in a bourse statement that Al-Mulhem is also a board member of Walaa Insurance.
The contracts include signing a supplementary contract to provide stc with an insurance coverage for six years, starting from Dec. 10, 2021, for an amount of SAR 19.3 million.
The signed supplementary contract was part of the ordinary businesses that have offered no preferential advantages.
Shareholders also appointed Ernst & Young (E&Y) as the company’s auditor from the selected candidates based on the audit committee's recommendation, to examine and review the financials for Q2, Q3, 2022 and Q1 2023 as well as the remuneration.
Meanwhile, they endorsed amending the audit committee charter.