Riyadh – Mubasher: Saudi Manpower Solutions Company (SMASCO) has announced the results of its Extraordinary General Assembly meeting that was held on 10 June 2026, which achieved a shareholder attendance rate of 54.08%.

The investors approved the company’s financial results for 2025 and granted the Board of Directors the authority to distribute interim dividends for the 2026 fiscal year, according to a bourse filing.

A primary outcome of the assembly was the approval of the Board of Directors and the external auditor’s reports for 2025.

Shareholders also cleared the board members of liability for their management during that period.

In terms of executive compensation, the assembly sanctioned a total remuneration of SAR 2.99 million for the board members for the 2025 fiscal year.

In a move to enhance shareholder returns, the assembly authorized the board to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year. This delegation of authority aligns SMASCO with standard market practices for listed companies on the Saudi Exchange (Tadawul) seeking to provide regular liquidity to their investors.

The assembly also oversaw significant changes to the company’s governance framework. Shareholders voted to amend Article 4 and Article 16 of the Articles of Association, which govern the company’s objectives and management structure, respectively.

Furthermore, updates were approved for the Audit Committee charter, the remuneration policy, and the standards for competing businesses.

The board’s appointment of Ali bin Abdulrahman Al Ghamdi as an independent director was ratified. Al Ghamdi, who joined the board on 29 May 2025, will complete the term of former non-executive director Saleh bin Mohammed Al Habib, which concludes in May 2027.

Significant attention was given to related party transactions involving SMASCO and other entities where board members hold interests.

Shareholders ratified contracts with the Saudi Facility Management Company (Taseelat) totaling approximately SAR 70.10 million. This included a SAR 54.5 million agreement for manpower services provided by SMASCO and a SAR 15.6 million contract for facility management and maintenance services received by SMASCO.

These contracts involve indirect interests for board members Fahad bin Ali Al Muhaidib, Saad bin Nahar Al Baddah, Hisham Hassan Attia, and Fahad bin Zwaid Al Mutairi.

Additionally, the assembly approved a two-year service agreement with Waad Home Marketing Services valued at SAR 53.60 million for 2025, with continued execution planned for 2026. This contract involves indirect interests for non-executive director Majid bin Abdullah Al Kuraidis and CEO Abdullah bin Rakan Al Tamimi. The company confirmed that all such transactions were conducted on a standard commercial basis without preferential terms.

Finally, the assembly granted the board the powers of the General Assembly as outlined in Article 27 of the Companies Law for a period of one year.

This authorization specifically covers activities related to the recruitment and temporary placement of Saudi nationals, ensuring the company maintains operational flexibility in its core manpower outsourcing business.

These resolutions collectively strengthen SMASCO’s regulatory compliance and operational framework as it moves through the 2026 fiscal year.