SABB Takaful extends group creditors policy with SABB, contribution amount hits SAR 21.9 mln

Logo of SABB Takaful

SABB Takaful announced the extension of the current group creditors policy with a related party, The Saudi British Bank (SABB), for three months, starting today, Nov. 1, according to a bourse statement.

The total contribution amount is SAR 21.9 million, which is more than 1% of the revenue, based on 2020 audited financial statements.

The impact of this contract will be shown in 2021 financial results.

Board members Mohammed Alshayea, Bashar Alquinabit, Yassar Albarrak, Faris Alshareef, and Maha Alsudairi have direct interest in the policy, as they are representatives of SABB in the insurer's board.

The contract has no special or preferential terms, and it falls within the normal course of the company's activities.