Riyadh – Mubasher: Advance International Company for Communication and Information Technology (AICTEC) has announced the results of its Ordinary General Assembly meeting (OGM), where shareholders approved the company’s financial statements for the 2025 fiscal year and authorized several significant related party transactions.
The meeting was held on 25 June 2026, during which key outcomes included the discharge of board members from liability, the appointment of a new external auditor, and the delegation of authority to the board for interim dividend distributions, according to a bourse filing.
Shareholders voted to approve the auditor’s report and the board of directors’ report, while also discussing and finalizing the financial statements for the same period.
Following these approvals, the assembly granted a discharge to the members of the Board of Directors regarding their management of the company during the 2025 fiscal year.
In a move to ensure continued financial oversight, the assembly approved the appointment of Sultan Ahmed Al Shubaili Certified Public Accountants and Auditors. The firm will be responsible for auditing the annual financial statements for the 2026 fiscal year and reviewing the preliminary financial statements for the first half of 2027. The audit fees for this engagement were set at SAR 340,000.
Furthermore, shareholders empowered the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the 2026 fiscal year. This delegation of authority aims to provide the board with the flexibility to manage shareholder returns in alignment with the company’s financial health throughout the year.
Business Contracts
A significant portion of the meeting was dedicated to the ratification of business contracts and transactions involving related parties.
These transactions were conducted with several entities where board members hold direct or indirect interests, including Chairman Abdullah Mohammed Al Shuraim, Managing Director and CEO Saud Mohammed Al Shuraim, and Vice Chairman Meshal Mohammed Al Kathiri.
Among the notable transactions approved were those with Leen Al Khair Trading Company, involving payments and equipment sales totaling over SAR 1.20 million in final balances.
The assembly also ratified dealings with Wajhat Al Mustaqbal Technology Company, which saw substantial activity in 2025, including payments on behalf of the company and equipment trade, resulting in a final balance of SAR 2.83 million.
Other approved contracts involved Al Manassa Al Ziraia Company, Integrated Protection Establishment, Arsan Al Oula Contracting Company, and Masahem Administrative Company.
Additionally, a SAR 2.219 million investment in Nour Technology, an associate company, was formally ratified.
The board emphasized that all such dealings were conducted within the ordinary course of business, following prevailing commercial terms and without any preferential conditions.
The assembly also granted the Board of Directors the powers of the Ordinary General Assembly as stipulated in the Companies Law. This authorization remains valid for one year from the date of approval or until the end of the current board session, whichever occurs first.
