Riyadh – Mubasher: Saudi Top for Trading Company has announced the results of its Extraordinary General Assembly meeting, where shareholders approved several significant financial and governance measures, according to a bourse disclosure.

Key resolutions passed during the 24 June 2026 session include the transfer of the company’s statutory reserve to retained earnings, the authorization for the Board of Directors to distribute interim dividends, and the approval of related-party transactions involving the Chairman of the Board.

In a major financial move, shareholders approved the transfer of the company’s statutory reserve totaling SAR 5.71 million as shown in the financial statements for the 2025 fiscal year into retained earnings. This transfer provides the company with greater flexibility regarding its capital structure and future distributions.

Furthermore, the assembly granted the Board of Directors the authority to distribute interim dividends to shareholders on a semi-annual or quarterly basis for the 2024 fiscal year, aligning the company's payout strategy with standard market practices for listed firms.

The assembly also addressed governance and compliance matters, including the approval of the Board of Directors' report, the financial statements, and the auditor's report for the 2025 fiscal year.

Shareholders voted to discharge the members of the Board of Directors from liability for the same period and approved a total remuneration of SAR 432,000 for the board members.

Regarding external oversight, the company appointed Ibrahim Ahmed Al-Bassam & Co. (PKF) as the external auditor. The firm will be responsible for examining and auditing the financial statements for the second, third, and annual periods of the 2029 fiscal year, as well as the first quarter of 2027.

The professional fees for these services were set at SAR 378,000.

Shareholders also ratified related-party transactions involving Yafel Plastic Factory, in which Chairman Abdullah Mohammed Al-Ajmi holds an indirect interest.

These operational transactions, which totaled SAR 2.24 million during the 2025 fiscal year, were confirmed to have been conducted without any preferential terms or special conditions.

The meeting concluded with the approval of several regulatory amendments. These included updates to Article 4 of the company’s Articles of Association regarding the company’s objectives, and revisions to the internal charters governing the Audit Committee, the Remuneration and Nomination Committee, and the policies for board membership and executive compensation.

Finally, the Board was authorized to exercise the powers of the General Assembly as permitted under the Companies Law for a period of one year or until the end of the current board term.