Almujtama Medical shareholders ratify 2025 dividends, reject specific contracts

ALMUJTAMA MEDICAL
9592 7.62% 24.00 1.70

Riyadh – Mubasher: Almujtama Alraida Medical Company’s shareholders approved a cash dividend for the 2025 fiscal year and authorized the board to issue interim dividends for 2026 at a recent general assembly, according to a bourse filing.

While the assembly ratified several lease-related transactions with board members, it notably withheld approval for a contract involving advertising screens, granting the concerned board members a six-month window to rectify the situation in accordance with regulatory requirements.

The ordinary general meeting (OGM), held on 29 June 2026, served as a comprehensive review of the company’s performance for the 2025 fiscal year.

Shareholders reviewed and discussed the board of directors’ report, the company’s financial statements, and the auditor’s report for the period.

Following these discussions, the assembly approved a board remuneration of SAR 906,575 for the 2025 fiscal year and discharged the board members from liability for the same period.

Cash Dividends Details

In a move to reward shareholders, the assembly approved the board’s recommendation to distribute SAR 2.37 million in cash dividends for 2025.

This distribution represents 2.5 0% of the company’s SAR 95 million capital, translating to SAR 0.25 per share.

Eligibility for these dividends was set for shareholders owning stock at the close of trading on the day of the assembly, with distribution scheduled to commence on 19 July 2026.

Furthermore, the board of directors received authorization to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year.

External Auditor & Contracts

Regarding external oversight, the assembly appointed Talal Abu-Ghazaleh and Partners as the company’s external auditor. The firm will be responsible for reviewing and auditing the semi-annual and annual financial statements for 2026, as well as providing Zakat declarations, for a total fee of SAR 275,000 plus value-added tax.

A significant portion of the meeting addressed related party transactions. Shareholders approved several lease agreements for pharmacy branches in Jeddah involving Chairman Omar Yousef Khojah, where other board members, including Vice Chairman Yousef Omar Khojah and Abdulaziz Omar Khojah, held indirect interests.

These approved contracts included a one-year lease in the Al Shiraa district valued at SAR 160,000.

This in addition to a 10-year lease in the Al Sanabel district with a total value of SAR 5.50 million as well as a nearly 10-year lease in the Al Rehaily district totaling SAR 3.96 million. There was also a 10-year lease in the Al Marwah district valued at SAR 4.20 million. The company emphasized that these contracts were executed without any preferential terms or conditions.

However, the General Assembly did not approve a contract between the company and Al Shashat Al Mudia, a limited liability company owned by Mohammed Omar Khojah. This contract, which involved the supply and installation of advertising screens, carried a total value of SAR 1.53 million, with SAR 699,478 in transactions recorded during 2025.

Due to the direct or indirect interests of the Chairman and other board members in this entity, and the subsequent lack of shareholder approval, the assembly invoked Article 67 of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.

Consequently, the board members involved have been granted a six-month period to take the necessary measures to correct the status of this transaction to ensure compliance with relevant laws and regulations.

The meeting concluded with the attendance of the Chairman, Vice Chairman, and several board and committee heads, reinforcing the company's commitment to transparency and regulatory adherence during its transition into the 2026 fiscal year.

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