Al Ashghal Al Moysra shareholders approve dividend mandate, auditor appointment
ALASHGHAL ALMOYSRA
9608 2.30% 14.26 0.32
Riyadh – Mubasher: Al Ashghal Al Moysra Commercial Company approved several key resolutions, including the authorization for the Board of Directors to distribute interim dividends for the 2026 fiscal year, during its latest ordinary general meeting.
The shareholders also ratified the appointment of a new external auditor. They reviewed and approved the primary financial and administrative reports for 2025, according to a bourse filing.
The resolutions included the formal approval of the auditor’s report, the Board of Directors' report, and the company’s annual financial statements.
Following these reviews, the assembly voted to discharge the members of the Board of Directors from liability for the 2025 fiscal period.
A significant outcome of the meeting was the approval of the company’s audit arrangements for the current and upcoming periods.
Based on a recommendation from the Audit Committee, shareholders approved the appointment of RSM Allied Accountants for Professional Services to serve as the company’s external auditor. The firm will be responsible for examining and auditing the semi-annual financial statements ended on 30 June 2026, and the annual financial statements for the year ending 31 December 2026.
The professional fees for these auditing services were set at SAR 200,000.
In a move aimed at enhancing shareholder returns, the assembly granted the Board of Directors the authority to distribute interim dividends on a semi-annual or quarterly basis for the 2026 fiscal year.
Furthermore, the board was delegated the powers of the Ordinary General Assembly regarding licensing requirements under Article 27 of the Companies Law for a period of one year or until the end of the current board session, whichever occurs first.
The assembly also addressed board remuneration and related-party transactions. Shareholders approved a payment of SAR 200,000 as a bonus for board members for the fiscal year 2025.
Additionally, the meeting ratified ongoing business contracts between Al Ashghal Al Moysra and Al Ashghal Al Musayra Company. These contracts involve indirect interests for Chairman Sobhi Muqat Farhan Al Juwair, Vice Chairman Hamida Affash Al Khalidi, and Managing Director Abdulaziz Sobhi Al Juwair. The transactions pertain to commercial services and the provision of labor as required.
The company disclosed that the value of these transactions during 2025 totaled SAR 660,563 including SAR 470,302 paid during the year, leaving a closing balance of SAR 604,800.
The board emphasized that these agreements are conducted within the normal course of business under prevailing commercial terms without preferential treatment.
In a separate item, the assembly approved the participation of Vice Chairman Hamida Affash Al Khalidi in a business that competes with the company’s activities.
The resolutions passed during this General Assembly provide Al Ashghal Al Moysra with the necessary regulatory framework to manage its 2026 financial operations, maintain its auditing standards, and execute its dividend policy while ensuring compliance with Saudi Arabian corporate governance and related-party disclosure requirements.
Source: Mubasher Source: {{details.article.source}}