Riyadh – Mubasher: Alsaif Stores for Development and Investment Company, commercially known as Alsaif Gallery, announced that its shareholders approved the board of directors' authorization to distribute interim dividends for the 2026 fiscal year.

The Ordinary General Assembly meeting was held on 10 June 2026, where the equityholders reviewed and discussed the board of directors' report and the audited financial statements for the 2025 fiscal year, according to a bourse filing.

The assembly formally approved the auditor’s report for the same period and discharged the board members from liability for their management during the 2025 fiscal year.

Furthermore, a total remuneration of SAR 1.22 million was approved for the board of directors for their services during the 2025 financial year.

A significant outcome of the meeting was the granting of authority to the board of directors to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year. This move provides the board with the necessary flexibility to manage capital distributions in alignment with the company’s financial health throughout the year.

Additionally, the assembly renewed the board’s powers under the Companies Law, specifically regarding the licensing of activities that fall under the jurisdiction of the Ordinary General Assembly for a period of one year.

The assembly also addressed several related party transactions involving board members, all of which were confirmed to have been conducted on a standard commercial basis without preferential terms.

The largest of these transactions involved Chairman Suliman bin Mohammed AlSaif, regarding branch rentals totaling SAR 11.55 million for the year 2025.

Other transactions included property management and rental contracts with Nawah Real Estate Investment Company, linked to board member Muhannad bin Suliman AlSaif, valued at SAR 2.40 million, as well as minor purchase settlements.

Furthermore, the assembly ratified historical transactions with companies linked to former board member Ahmed bin Suliman AlSaif. These included goods supply contracts with AlSaif Coffee Trading Company worth SAR 64,430 and with Saif Plus totaling SAR 11.68 million, both covering the period until the conclusion of his membership in September 2025.

In a separate governance matter, the assembly approved a request for board member Haytham bin Suliman AlSaif to engage in a business that competes with the company’s activities.

Regarding future financial oversight, AlSaif Gallery shareholders followed the Audit Committee’s recommendation to appoint Al Bassam and Partners (PKF) as the company’s external auditor. The firm will be responsible for examining and auditing the financial statements starting from the second quarter of 2026 through the first quarter (Q1) of 2029. The total fees for this three-year appointment were set at SAR 1.26 million, excluding Value Added Tax.