Lazurde

Lazurde appoints financial auditor at EGM

29 Jun 2026, 14:33

Riyadh - Mubasher: Lazurde Company for Jewelry has announced the results of its third Extraordinary General Meeting (EGM), where shareholders approved several key financial and administrative resolutions.

Held on 28 June 2026, the assembly focused on the restructuring of the company’s reserves, the appointment of external auditors for the upcoming fiscal periods, and the authorization of interim dividend distributions.

Despite a lower attendance rate typical of a third meeting, the assembly was legally valid under Saudi Companies Law, allowing the board to move forward with strategic financial adjustments.

The meeting was conducted via modern technology through the Tadawulaty system, reflecting the ongoing digital transformation of corporate governance in the Saudi capital market. As this was the third scheduled meeting for the EGM, the session was considered legally binding regardless of the number of shares represented.

The final attendance was recorded at 15.603% of the company’s capital. The session saw full participation from the Board of Directors, led by Chairman Abdullah Abdulaziz Al Othaim and Vice Chairman Saud Ghassan Al Sulaiman, alongside the heads of the Audit, Executive, and Nomination and Remuneration Committees.

A primary highlight of the meeting was the approval of the company’s financial reporting for the fiscal year ending 31 December 2025. Shareholders reviewed and discussed the Board of Directors' report and the company’s financial statements for that period. Following these discussions, the assembly approved the auditor's report for 2025.

In terms of future oversight, the assembly approved the appointment of Ibrahim Ahmed Al-Bassam & Co. (PKF) as the company’s independent external auditor.

Based on the recommendation of the Audit Committee, the firm will be responsible for examining and auditing the second and third-quarter financial statements of 2026, the annual statements for 2026, and the first-quarter statements for 2027. The total professional fees for these services were set at SAR 1.04 million.

Significant changes to the company’s capital structure were also ratified. Shareholders voted in favor of transferring the company’s statutory reserve, which totaled SAR 27.80 million as of the end of 2025, into the retained earnings account.

This move provides the company with greater flexibility in managing its equity and potential future distributions. Furthermore, the board was granted the authority to distribute interim dividends on either a semi-annual or quarterly basis for the 2026 fiscal year, signaling a commitment to shareholder returns.

However, not all proposals received shareholder backing. The assembly rejected the motion to delegate the powers of the Ordinary General Meeting to the Board of Directors regarding the licensing requirements stipulated in Paragraph (1) of Article 27 of the Companies Law.

This specific article pertains to conflicts of interest and competing businesses, suggesting that shareholders preferred to retain direct oversight on these matters for the coming year.

Finally, the assembly approved updates to the remuneration policy for board members, committee members, and executive management, aligning the company's incentive structures with current regulatory frameworks and corporate governance standards.

Source: Mubasher Source: {{details.article.source}}