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The Company for Cooperative Insurance Announces Contract Award with Saudi Telecom Company Group

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Introduction The Company for Cooperative Insurance (Tawuniya) announces that it has received on 20 September 2022, a firm order from Saudi Telecom Company Group to provide health insurance services for group employees and their families.
Date of the Award 2022-09-20 Corresponding to 1444-02-24
Contract Value Contract value exceeds 5% of Gross Written Premium as per latest audited financial statements for the year 2021.
Expected Date for Signing the Contract 2022-10-05 Corresponding to 1444-03-09
Contract Details Provide health insurance services for Saudi Telecom Company Group employees and their families for one year starting from 05 of October 2022.
Related Parties Saudi Telecom Company Group is considered as a related-party given that the Chief Financial Officer of The Company for Cooperative Insurance (Tawuniya), Dr. Ammr K. Kurdi, has an indirect interest as he is an Independent Member of the Audit Committee for Saudi Telecom Company Group. The company also confirms that the policy offering was treated as per standard business procedures without any special or preferential terms.
Additional Information It’s expected the contract will have positive impact on the Gross Written Premium for the fiscal years 2022.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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