Riyadh - Mubasher: Arabian Centres Company (Cenomi Centers) held its Ordinary General Meeting (OGM) on 30 June 2026, where shareholders approved several critical resolutions, including a mandate for the Board of Directors to distribute interim dividends for 2026.
The meeting, which achieved a quorum with 56.88% attendance, also saw the ratification of the company’s financial statements for the year ending 31 December 2025 and the approval of extensive related-party contracts totaling billions of riyals.
The assembly, conducted virtually from the company’s headquarters in Riyadh, was presided over by Vice Chairman Salman bin Abdulaziz Al Hokair, alongside Managing Director Kamil Badih Al Qalam.
During the session, shareholders reviewed and discussed the Board of Directors’ report and the auditor’s report for 2025. Following these discussions, the assembly officially discharged the board members from liability for the preceding fiscal year.
A primary highlight of the meeting was the authorization granted to the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for 2026.
This move provides the board with the necessary flexibility to manage capital returns to shareholders throughout the upcoming periods. Furthermore, the assembly approved the disbursement of SAR 4.79 million as remuneration for Board members for their services during 2025.
In terms of governance and oversight, shareholders approved the appointment of Ernst & Young (EY) as the company’s external auditor.
EY will be responsible for examining and auditing the financial statements for the second, third, and annual periods of fiscal year 2026, as well as the first quarter of 2027. The total professional fees for these services were set at SAR 3.82 million, excluding VAT.
The assembly also addressed significant related-party transactions involving board members. The largest of these was a series of construction and development contracts with Lynx Contracting Company, valued at SAR 1.62 billion.
These contracts involve indirect interests for Fawaz bin Abdulaziz Al Hokair, Salman bin Abdulaziz Al Hokair, and Kamil Al Qalam. The company clarified that these agreements, which focus on the development of shopping centers across Saudi Arabia, were conducted on a strictly commercial basis without preferential terms.
Finally, the assembly granted the Board of Directors the authority to engage in activities related to the construction, operation, development, and management of commercial centers under the provisions of the Companies Law.
This authorization is valid for one year from the date of approval or until the end of the current Board cycle, whichever comes first.
On 28 June, Cenomi Centers entered into a SAR1.33 billion agreement with Lynx Contracting Company.
