Riyadh – Mubasher: The shareholders of Abdullah Al Othaim Markets Company ratified a mandate for the Board of Directors to distribute interim dividends for the 2026 and 2027 fiscal years, according to a bourse disclosure.

During the Extraordinary General Assembly meeting held on 10 June 2026, the shareholders also approved several high-value commercial contracts with related parties and the approval of significant amendments to the company’s internal bylaws.

The further reviewed and approved the financial statements, the board of directors’ report, and the auditor’s report for the 2025 financial year.

Following these deliberations, the assembly voted to discharge the members of the Board of Directors from liability for their management during the 2025 fiscal year.

In a key decision regarding the company’s financial oversight, shareholders approved the appointment of Ernst and Young (E&Y) as the external auditor.

E&Y will be responsible for auditing the second, third, and annual financial statements of 2026, as well as the first quarter (Q1) of 2027. The professional fees for these services were set at SAR 1.69 million.

Furthermore, the assembly approved an additional payment of SAR 288,000 to E&Y for extra work hours performed during the 2025 audit.

The assembly granted the Board of Directors the authority to distribute interim dividends on a quarterly or semi-annual basis for both the 2026 and 2027 fiscal years. This move provides the board with the necessary flexibility to manage shareholder returns in alignment with the company’s financial performance over the next two years.

Shareholders also approved a comprehensive set of amendments to the company’s Articles of Association. These changes included Article 3 regarding the company’s headquarters and Article 4 concerning its business objectives.

Revisions were also made to articles governing board management, membership termination, and the specific powers and remunerations of the board, the Chairman, the Vice Chairman, and the Managing Director. Additionally, Article 44, which dictates the company’s fiscal year, was amended.

Related-party Transactions

A significant portion of the meeting was dedicated to the approval of related party transactions for the 2026 fiscal year. These agreements involve several companies where Vice Chairman Bader Hamed Al Aujan holds an indirect interest.

These include food supply contracts with Al Jouf Agricultural Development Company, which saw transactions totaling SAR 23.29 million in 2025, and the Fourth Milling Company, with SAR 6.02 million in transactions.

Other approved suppliers included National Food Industries Company (Luna) with SAR 35.45 million, National Biscuit and Confectionery Company with SAR 10.57 million, and Arabian Company for Agricultural and Industrial Investment (Entaj) with SAR 36.38 million.

A contract for telecommunications service vouchers with stc Channels, valued at SAR 23.88 million in 2025, was also ratified.

Furthermore, the assembly approved a five-year lease agreement for a supermarket at Arar Mall with Abdullah Al Othaim Investment Company. This contract, valued at SAR 2.02 million annually, involves indirect interests held by Chairman Abdullah Saleh Al Othaim and Director Bandar Sulaiman Al Buhairi.

The company confirmed that all these transactions are conducted within the ordinary course of business and under standard commercial terms.