Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has announced the results of its Extraordinary General Assembly Meeting which was held on 16 June 2026 and resulted in approving the company’s financial results for the 2025 fiscal year.

The shareholders further authorized the Board of Directors to distribute interim dividends for 2026, according to a bourse filing.

However, the assembly notably voted against a series of proposed related-party transactions involving several board members, resulting in a six-month grace period for the company to rectify these arrangements in accordance with regulatory requirements.

The meeting saw shareholders review and approve the board and auditor reports for the fiscal year that ended on 31 December 2025.

Following a recommendation from the Audit Committee, PricewaterhouseCoopers (PwC) was appointed as the external auditor to examine and audit the financial statements for the second (Q2), third, and annual periods of 2026, as well as Q1-27. The total fees for these services were set at SAR 3.49 million.

Additionally, the assembly approved a total remuneration of SAR 2.45 million for board members for the 2025 fiscal year and discharged them from liability for the same period.

In a move to enhance shareholder returns and corporate flexibility, the assembly granted the Board of Directors the authority to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year.

Shareholders also ratified an amendment to the company’s bylaws to include a provision allowing SASCO to purchase its own shares.

Furthermore, updates to the internal regulations of the Remuneration and Nomination committees, alongside the overall remuneration policy for the board and executive management, were formally approved.

A significant portion of the meeting focused on related-party transactions, where shareholders exercised a high degree of scrutiny.

The assembly rejected several proposed contracts with entities where board members Ibrahim bin Mohammed Al Hadithi, Sultan bin Mohammed Al Hadithi, and Majed bin Mohammed Al Othman hold indirect interests.

These rejected items included lease agreements for transport sites and fuel stations with Nahaz Investment Company and Najmat Al Madain Real Estate, as well as fuel purchase contracts with Najmat Al Madain Group, Zawaya Real Estate, and Bawabat Al Marah.

Regarding these rejected items, the General Assembly has granted SASCO a six-month window to take the necessary measures to correct the status of these contracts.

This period is intended to ensure that all business dealings are brought into full alignment with relevant laws and corporate governance regulations.

One specific related-party transaction was approved: a fuel purchase contract with Malkiya Trading Company, involving board member Sultan bin Mohammed Al Hadithi, which received a majority of the votes.

The proceedings were conducted both in person at the company’s headquarters in Riyadh and virtually via the Tadawulaty system.

The session was presided over by Chairman Ibrahim bin Mohammed Al Hadithi, with the attendance of vice chairman Sultan bin Mohammed Al Hadithi and CEO Riyadh bin Saleh Al Malik, among other board members and committee chairs. Shareholders seeking further information regarding the meeting outcomes have been advised to contact the company’s Investor Relations department.