Alujain Corporation reveals general assembly results

ALUJAIN
2170 2.04% 28.06 0.56 2P
7204.B 0.00% 0.00 0.00

Riyadh – Mubasher: Alujain Corporation has announced the results of its Ordinary General Assembly meeting that was held on 18 June 2026, where shareholders approved several key resolutions, according to a bourse filing.

The equityholders agreed to appoint a new external auditor, the authorization of interim dividend distributions for 2026, and the ratification of related party transactions.

During the assembly, shareholders reviewed and discussed the financial statements, the auditor’s report, and the Board of Directors’ report for the 2025 fiscal year.

A primary outcome of the meeting was the appointment of PricewaterhouseCoopers (PwC) as the company’s external auditor. Selected from a shortlist recommended by the Audit Committee, PwC will be responsible for examining and auditing the financial statements for the second (Q2), third, and annual periods of 2026, all quarters of 2027 and 2028, and Q1-29.

The total fees for these services were set at SAR 1.75 million, excluding Value Added Tax (VAT).

In a move to provide greater flexibility regarding 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 granted powers under Article 27 of the Companies Law for a period of one year or until the end of the current board term, whichever comes first.

The assembly also addressed corporate governance and related party disclosures. Shareholders approved contracts and transactions executed during 2025 between National Petrochemical Industrial Company (NATPET), a subsidiary of Alujain, and Qimmah Industrial Services Company.

These transactions involved the supply of equipment, materials, and industrial safety services totaling SAR 751,692. The disclosure noted that Board Vice Chairman Abdulwahab Abdulkarim Al Betairi and board members Abdullah Jameel Taibah and Akram Awni Rabay’ah held indirect interests in these dealings due to their roles within Qimmah Industrial Services or its owning fund. The company emphasized that these contracts were conducted without preferential terms.

Regarding executive compensation, the assembly approved the disbursement of SAR 4.60 million in bonuses and compensation for board members for the 2025 fiscal year.

Additionally, shareholders retroactively approved compensation paid in previous years. This included SAR 3.57 million for 2023, covering the period from 15 June to 31 December and additional bonuses for the Chairman and Vice Chairman.

Furthermore, a total of SAR 3.67 million were approved for the 2024 fiscal year, which included board bonuses and compensation for candidates serving on the boards and committees of the subsidiary, NATPET.

The meeting was presided over by Chairman Mohammed bin Saleh Al Khalil, with the attendance of Vice Chairman Abdulwahab Abdulkarim Al Betairi and other board members and committee heads, including Audit Committee Chairman Abdulaziz Khalid Al Ghafaily.

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