SABB Takaful awarded SAR 12.7 mln insurance contract with Al Olayan Group
01/10/2020
Argaam
SABB Takaful Co. was awarded a general insurance programs contract with Al Olayan Group on Sept. 30, the insurer said in a statement to Tadawul.
The total contract value is SAR 12.66 million, which is more than 1% of SABB Takaful’s revenue as based on 2019 audited financial statements.
The contract is expected to be signed today.
Lubna Suliman Al Olayan, chairperson of Saudi British Bank (SABB), is a related party, the statement said, indicating that no special or preferential terms have been offered.
The financial impact of the contract will reflect on 2020 results.
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