SGS shareholders approve SAR 1.5B deals, contracts with related parties
Saudi Ground Services Co.'s (SGS) ordinary general meeting (OGM) approved a bundle of contracts with related parties during 2024, with a total value of approximately SAR 1.5 billion.
According to a statement on Tadawul, it included dealings and contracts with Saudia (Saudi Arabian Airlines) at SAR 1.11 billion, Saudi Aerospace Engineering Industries (SAEI) at SAR 22.4 million, Saudia Private Aviation (SPA) at around SAR 13.3 million, Royal Fleet Services at SAR 31.49 million, flyadeal at SAR 245.6 million, SAL Saudi Logistics Services at SAR 18.2 million, and Catering Holding Co. (Catrion) at SAR 61.7 million.
The dealings and contracts involve the offering of ground handling services at airports across the Kingdom.
The board members Nasser AlQawas and Fahad Hamzah Sindi have an indirect interest in all of these contracts.
SGS confirmed that all transactions were conducted on commercial terms without any preferential treatment.
It also noted that the OGM approved all other items on the meeting agenda.
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