Riyadh – Mubasher: United Wire Factories Company (Aslak) has announced the results of its Ordinary General Assembly meeting on 16 June 2026, where shareholders notably voted against a proposed board remuneration package while granting the board authority to distribute interim dividends for the 2026 fiscal year.
In a significant move regarding corporate governance and fiscal oversight, shareholders rejected the proposal to pay a total of SAR 1.25 million in remuneration to the Chairman and members of the Board of Directors for the fiscal year ended on 31 December 2025.
Despite this rejection, the assembly approved the discharge of the Board of Directors from liability for the same period.
Shareholders also ratified the appointment of RSM as the company’s external auditor. The firm will be responsible for the examination and audit of the second (Q2), third, and annual financial statements for the 2026 fiscal year, as well as Q-27. The total professional fees for these services were set at SAR 300,000.
Furthermore, the assembly granted the Board of Directors a mandate to distribute interim dividends on either a semi-annual or quarterly basis for the 2026 fiscal year, providing the board with flexibility in managing shareholder returns.
The meeting also addressed several related-party transactions involving A1 Fence Arabia for Industry Company. These transactions involve indirect interests held by Board Member Abdullah Saad Al Dosari and Board Member and CEO Nabil Hassan Al Amir.
The assembly approved sales contracts totaling SAR 17.32 million and purchase contracts amounting to SAR 38.19 million for the 2025 fiscal year. Additionally, a loan agreement valued at SAR 1.31 million with the same entity was ratified. The company noted that these agreements were conducted without any preferential conditions.
Other administrative approvals included the ratification of the Board of Directors' report, the company’s financial statements, and the auditor's report for 2025.
The shareholders also approved amendments to the Audit Committee’s internal regulations to align with updated governance standards.
The outcomes of this meeting reflect a dual focus by Aslak shareholders on rigorous expense management and the establishment of a framework for consistent dividend distributions.
While the rejection of board bonuses indicates active shareholder oversight, the approval of interim dividend mandates and the ratification of significant industrial contracts suggest a continued focus on operational growth and investor liquidity for the upcoming fiscal cycles.
