Riyadh – Mubasher: Development Works Food Company has announced the successful conclusion of its Ordinary General Meeting (OGM), held on 29 June 2026.
During the session, shareholders reviewed the company’s performance for the fiscal year ending 31 December 2025, approved the discharge of board members from liability, and authorized the appointment of a new external auditor for the upcoming fiscal periods.
Despite the meeting being a second call, the assembly reached the necessary resolutions to finalize the company’s annual corporate governance and financial reporting requirements.
The meeting, which took place at 21:15 at the company’s headquarters in Riyadh, utilized a hybrid format, allowing for both physical attendance and participation through modern technological means.
This second meeting was convened after the initial session failed to meet the legal quorum. According to the disclosure, the attendance for this second assembly represented 9.97% of the company’s capital-bearing shares.
The assembly was attended by key members of the Board of Directors, including Chairman Sulaiman Mohammed Al Ghumayz and Vice Chairman Thunayan Abdullah Al Thunayan. Other board members in attendance included Mohammed Abdulaziz Al Eid, Faisal Abdulrahman Al Abdulkarim, and Saud Abdulrahman Al Abdulkarim.
The presence of committee heads was also noted, with Mohammed Abdulaziz Al Eid representing the Audit Committee and Thunayan Abdullah Al Thunayan leading the Remuneration and Nominations Committee.
A primary focus of the assembly was the formal review and discussion of the financial statements and the Board of Directors’ report for the fiscal year ending 31 December 2025.
Following these discussions, shareholders voted to approve the auditor’s report for the same period. In a standard procedural move for Saudi-listed entities, the assembly also granted a discharge of liability to the members of the Board of Directors for their management during 2025.
Regarding future financial oversight, the General Assembly approved the appointment of Al-Zoman, Al-Fahad & Al-Hajjaj Certified Public Accountants as the company’s external auditor.
The firm was selected from a pool of candidates to examine and audit the financial statements for the second, third, and fourth quarters of 2026, as well as the annual results for 2026 and the first quarter (Q1)of 2027. The total professional fees for these services were set at SAR 335,000, excluding Value Added Tax (VAT).
