28 Rajab 1443H 01 March 2022AD
Subject: A Notification by the Chairman of the Board of Directors of Walaa Cooperative Insurance Company to the General Assembly of the Transactions and Contracts with Related Parties.
Dear Shareholders of Walaa Cooperative Insurance Company,
In accordance with the requirements of Article (71) of the Companies Law, which pertains to business and contracts concluded with other companies during the fiscal year 2021. Accordingly, I would like to inform you that the company has concluded one-year contracts with the related parties during the year 2021. Below A statement of transactions in which the Board of Directors have a direct or indirect interest in is as follows:
Description (Related Party Name)
Contract Type Contract Value
Sitting Fees (SR 2,500 Per Meeting)
Contract Details
1. Dr. Solaiman Abdulaziz Al Twaijri
Contract to provide consultancy service
SAR 150,000 SAR 7,500 Provide consultancy service, which include supervising the IFRS 17 Insurance Contracts project implementation.
2. Mr. Jameel Abdullah Al Molhem
Contract to provide consultancy service
SAR 150,000 SAR 12,500 Provide consultancy service, which include supervising the implementation of the Company’s new ERP System.
Total SAR 300,000 SAR 20,000
Further, I would like to confirm that the Board has taken the necessary measures to ensure that the transactions and contracts listed above were based on commercial bases without any preferential treatment.
An External Auditor was appointed to review and issue a report in respect to the contracts between the related parties and the Company during the year 2021 in accordance with the regulations and standards issued by the Saudi Organization for Auditors and Accountants (Previously: Saudi Organization for Certified Public Accountants (“SOCPA”)).
The Board of Directors recommends that the said transactions and contracts be licensed by the General Assembly of Shareholders for one year.
Chairman of Board of Directors
Mr. Sulaiman Abdullah Al Kadi
28 Rajab 1443H 01 March 2022AD
Subject: A Notification by the Chairman of the Board of Directors of Walaa Cooperative Insurance Company to the General Assembly of the Transactions and Contracts with Related Parties.
Dear Shareholders of Walaa Cooperative Insurance Company,
In accordance with the requirements of Article (71) of the Companies Law, which pertains to business and contracts concluded with other companies during the fiscal year 2021. Accordingly, I would like to inform you that the company has concluded one-year contracts with the related parties during the year 2021. Below A statement of transactions in which the Board of Directors have a direct or indirect interest in is as follows:
Description (Related Party Name)
Balance As At 31st December 2021
Paid Claims Broker Commissio
n
Reinsurance Gross
Written Premium
(GWP)
Insurance Debit/Credit
Balances
Outstanding Claims
Mr. Sulaiman A. Al Kadi 20,483 (1,447) 10,318 4,525 - -
Mr. Khalifa A. Al Mulheim
1. Advanced Petrochemical 73,282 31,391 - 39,345 - -
2. The National Shipping 573,620 492 - - - -
3. Precast Building System 147,734 - - - - -
4. KAMCO Group 214,862 142,416 5,749 64,865 - -
5. Al Jazeera Support
Services Co. 1,248,355 1,312,664 6,332 67,951 - -
6. Mr. Khalifa A. Al
Mulheim 8,433 - - - - -
Mr. Waleed M. Al Jafaari 1. Al Dawaa Medical
Services Co. 2,522,796 (6,646) 278,745 2,491,190 - -
2. Meshraf General
Contracting Co. - (67) - - - -
Mr. Wasef S. Al Jabsheh
(IGI for General Insurance) - (39,766) - - - -
Mr. Jameel A. Al Molhem 1. Takween Advanced
Industries Co. 2,896,805 2,334,425 - - - -
2. Saudi Telecom Co. (STC) 19,363,396 22,267,905 - - - -
3. Mr. Jameel A. Al Molhem 8,156 - 3,484 - - -
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Dr. Solaiman A. Al Twaijri
1. Amiantit Group 19,970 (53,194) - - - -
2. Dr. Solaiman A. Al Twaijri 10,023 - - - - -
Mr. Khalid A. Al Omran 19,525 (196) - - - -
Mr. Abdulrahman A.
Balghunaim 3,044 - - - - -
Mr. Hatem F. Balghoneim
1. Acceleration Co. 193,106 44,690 - - - -
2. Mr. Hatem F.
Balghoneim 6,414 (507) - - - -
Mr. Hesham A. Al Jabr
(Arab National Bank) 45,678,843 (236,999) 2,388,238 54,992,782 - -
Total 73,008,847 25,795,161 2,692,866 57,660,658 - -
Details for the Gross Written Premium (GWP) is listed below:
Description (Related Party Name)
GWP – Balance As At 31st December 2021
Broker
Commission Reinsurance
Motor Medical General
Mr. Sulaiman A. Al Kadi 20,483 - - - -
Mr. Khalifa A. Al Mulheim
1. Advanced Petrochemical Co. 73,282 - - - -
2. The National Shipping Co. of SA - - 573,620 - -
3. Precast Building System Co. 111,811 - 35,923 - -
4. KAMCO Group 168,895 - 45,968 - -
5. Al Jazeera Support Services Co. 53,850 1,194,505 - - -
6. Mr. Khalifa A. Al Mulheim 8,433 - - - -
Mr. Waleed M. Al Jafaari
1. Al Dawaa Medical Services Co. 2,519,587 - 3,209 - -
2. Meshraf General Contracting Co. - - - - -
Mr. Wasef S. Al Jabsheh
(IGI for General Insurance Co.) - - - - -
Mr. Jameel A. Al Molhem
1. Takween Advanced Industries Co. - 2,896,805 - - -
2. Saudi Telecom C. (STC) - - 19,363,396 - -
3. Mr. Jameel A. Al Molhem 8,156 - - - -
Dr. Solaiman A. Al Twaijri
1. Amiantit Group - - 19,970 - -
2. Dr. Solaiman A. Al Twaijri 10,023 - - - -
Mr. Khalid A. Al Omran 19,525 - - - -
Mr. Abdulrahman A. Balghunaim 3,044 - - - -
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Mr. Hatem F. Balghoneim
1. Acceleration Co. - 193,106 - - -
2. Mr. Hatem F. Balghoneim 6,414 - - - -
Mr. Hesham A. Al Jabr
(Arab National Bank) 14,739,076 - 30,939,767 - -
Total 17,742,579 4,284,416 50,981,852 - -
Further, I would like to confirm that the Board has taken the necessary measures to ensure that the transactions and contracts listed above were based on commercial bases without any preferential treatment.
An External Auditor was appointed to review and issue a report in respect to the contracts between the related parties and the Company during the year 2021 in accordance with the regulations and standards issued by the Saudi Organization for Auditors and Accountants (Previously: Saudi Organization for Certified Public Accountants (“SOCPA”)).
The Board of Directors recommends that the said transactions and contracts be licensed by the General Assembly of Shareholders for one year.
Chairman of Board of Directors Mr. Sulaiman Abdullah Al Kadi
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