Herfy’s general assembly agrees to works and contracts with related parties

Herfy Food Services Company announced the results of the regular general assembly meeting held on Tuesday.
According to the company’s statement on Saudi Arabia’s circulation, the audit auditor’s report on the fiscal year 2024 was approved, in addition to discussing and adopting financial statements and the board’s report for the same period.
The association agreed to appoint “PWC” company as “PWC) as an external reference to the financial statements for the second, third and fourth quarter of 2025, in addition to the annual and first quarter of 2026, with fees of 1,275,000 riyals.
The shareholders approved the discontent of the members of the Board of Directors for the past fiscal year, in addition to agreeing to delegate the council to the powers of the ordinary general assembly with regard to the licensing referred to in paragraph (1) of Article (27) of the corporate system, for a year from the date of the association or until the end of the current council’s session, which is earlier.
The association also agreed to pay bonuses for members of the Board of Directors at a value of 2,375,000 riyals for the fiscal year 2024.
The association approved a number of works and contracts that took place between the company and a number of entities that the members of the Board of Directors have indirect interests, and their details came as follows:
– Approval of transactions with the Banda Retail Company in the field of food products sales of 18.033 million riyals, as well as in the field of shop rental of 2.124 million riyals, which has an indirect relationship with two members of the Board of Directors: M. Issam Al -Muhaidib and Walid Khaled Fattani.
– Approving the contracts concluded with the Afa International Company to purchase food products worth 18.792 million riyals, which are linked by indirect interests with M. Moataz Al -Azzawi and A. Walid Khaled Fattani.
– Approving dealings with the United Sugar Company worth 3.771 million riyals, and Savola Food Company through its subsidiary, “International Food Industries Company”, at a value of 5.802 million riyals, and both are indirectly related to the members of the aforementioned board of directors.
– Approval of dealing with the Kinan Real Estate Development Company in the field of rental shops with a value of 91.309 thousand riyals, and with Al -Marai Company in contracts for purchasing food products worth 3.328 million riyals.
– Approval of the participation of Walid Khaled Fattani in commercial activities competing with “Herfy” company through his membership in the Board of Directors of Al -Marai and Al -Kabir.