Riyadh – Mubasher: Takween Advanced Industries Company (Takween) has announced the results of its eighteenth Ordinary General Assembly meeting held on 23 June 2026, which ratified a wide range of agenda items.

The shareholders agreed to significant related party transactions for the 2026 fiscal year and the appointment of Forvis Mazars as the external auditor, according to a bourse filing.

The assembly opened with the review and discussion of the Board of Directors’ report, the auditor’s report, and the financial statements for the 2025 fiscal year.

Following these deliberations, shareholders officially approved the discharge of the Board of Directors for their performance during the previous financial period.

A primary focus of the meeting was the approval of numerous business contracts and agreements with related parties, primarily involving Al Othman Holding and its subsidiaries. These transactions are subject to indirect interests held by Board Chairman Abdulmohsen bin Mohammed Al Othman, Board Member Abdulaziz bin Mohammed Al Othman, and Board Member George Antonios Ibrahim.

The largest of these approved transactions involves Al Othman Agricultural Production and Processing Company (Nada).

Shareholders authorized a supply agreement for bottles and packaging containers from Takween’s subsidiaries, which saw a transaction value of approximately SAR 106.90 million in 2025.

Additionally, a service agreement with Nada for employee housing, maintenance, and support services valued at SAR 1.67 million in 2025 was renewed for the 2026 period.

Financial and logistical arrangements with Al Othman Holding were also ratified. These include a medium-term financing agreement which reached a value of SAR 99.07 million in 2025, in addition to an insurance policy management service agreement valued at SAR 728,902.

Real estate agreements were also confirmed, specifically the lease of the company’s head office in Al Othman Tower for SAR 603,563 and the lease of land for the Saudi Plastic Packaging Systems factory in Al Jarn for SAR 230,000.

The assembly further approved smaller-scale contracts, including construction and decoration services from Mohammed Al Othman Construction Establishment and hospitality services from the Kempinski Al Othman Hotel. A direct interest was noted for Engineer Abdulaziz bin Mohammed Al Othman regarding a contract with Environmental Cleaning Technologies for environmental consultancy and licensing services, which was valued at SAR 158,125 in 2025.

In addition to Al Othman Holding entities, shareholders approved transactions with the associate firm, Advanced Fabrics Company (SAAF). This agreement covers the supply of services, including the purchase of raw materials from SABIC, administrative support, and working capital financing, totaling SAR 3.81 million in 2025.

All related party approvals were granted on the condition that they are conducted on a fair commercial basis without preferential terms.

Regarding the company’s external oversight, the assembly followed the Audit Committee’s recommendation to appoint Forvis Mazars as the company’s auditor. The firm will be responsible for reviewing and auditing the financial statements for the second and third quarters of 2026, the annual statements for 2026, and the first quarter of 2027. The total fees for these services were set at SAR 975,000.

Takween recently unveiled an integrated plan to restructure its financial position through a two-stage capital change process.