Riyadh – Mubasher: First Milling Company (First Mills) has officially announced the commencement of electronic voting for its upcoming Extraordinary General Meeting (EGM) that is scheduled for 28 June 2026.

Shareholders are invited to cast their votes on an extensive 32-item agenda that includes significant proposed amendments to the company’s bylaws, the election of board members, and the ratification of the fiscal year 2025 financial results.

The electronic voting period began at 1:00 AM on 24 June 2026 and will remain open until the conclusion of the EGM.

Shareholders registered on the Tadawulaty portal can participate in the process free of charge.

Meanwhile, the meeting itself will be conducted at 6:30 PM on the scheduled date via modern technological means, reflecting the company’s ongoing commitment to digital shareholder engagement.

A primary focus of the EGM is a comprehensive overhaul of the company’s internal governance framework.

Key proposals include an amendment to Article 21 to increase the number of Board of Directors members from seven to eight.

Furthermore, the company seeks to amend Article 24 and Article 26 to clarify and expand the delegated authorities of the Board and senior executive leadership.

These changes cover a wide spectrum of operational and strategic powers, including the pledging of assets, real estate transactions, and the establishment or liquidation of subsidiaries, provided such actions do not exceed 50% of the company’s total assets without prior General Assembly approval.

The agenda also introduces a new regulatory safeguard under Article 20, which would prohibit any change in the ownership of main shareholders without prior approval from the General Food Security Authority (GFSA).

This addition aligns the company’s bylaws with national food security policies established in late 2025.

Additionally, shareholders will vote on the removal of several articles relating to board remuneration and meeting quorums, which are being replaced by updated provisions to streamline decision-making processes, including the formal adoption of urgent decisions by circulation."

Financial matters form a significant portion of the meeting’s business. Shareholders will review the Board of Directors’ report and the consolidated financial statements for the fiscal year ended on 31 December 2025.

During that January-December 2025 period, the company reported revenues of SAR 1.14 billion, an increase from SAR 1.04 billion in 2024. The assembly will vote on discharging board members from liability for the 2025 fiscal year and approving a total board remuneration of SAR 2.26 million.

Other critical items include the proposed transfer of the company’s statutory reserve, totaling SAR 82.82 million, into the retained earnings account.

The assembly is also set to appoint KPMG as the external auditor for the remainder of 2026 and the first quarter (Q1) of 2027, following a recommendation from the Audit Committee based on the firm's expertise in international financial reporting standards.

The meeting will also address board composition, with shareholders voting to elect a new member from a pool of nine candidates to fill a vacant seat.

Candidates include professionals with diverse backgrounds in finance, engineering, and strategic management.

Additionally, the assembly will vote on the confirmation of Ahmed Musfer Al Ghamdi as an independent board member, following his initial appointment in September 2025 to replace a resigned director.

Finally, the agenda includes the ratification of related-party transactions involving Al Mutlaq Group Industrial Investment Company and Ehata Financial Company, in which certain board members hold indirect interests. The company noted that these contracts were conducted on a commercial basis without preferential terms.