Riyadh – Mubasher: First Milling Company (First Mills) has announced the results of its Extraordinary General Meeting (EGM) held on 28 June 2026, where shareholders approved the appointment of KPMG as the external auditor and authorized a series of significant amendments to the company’s bylaws.
The meeting, conducted via modern technology from Jeddah, saw the ratification of 2025 financial statements, the discharge of board members from liability, and the transfer of the company’s statutory reserve to retained earnings.
In a follow-up disclosure on the Saudi Exchange (Tadawul), First Mills confirmed that shareholders elected KPMG to serve as the external auditor based on a recommendation from the Audit Committee.
The firm will be responsible for examining and auditing the financial statements for the second, third, and annual periods of 2026, as well as the first quarter (Q1) of 2027. The total fees for these services were set at SAR 1.48 million.
A substantial portion of the assembly was dedicated to restructuring the company’s internal governance framework. Shareholders approved the amendment of several articles within the company’s bylaws, including Article 17 regarding share trading, Article 19 concerning the sale of non-fully paid shares, and Article 21 related to company management.
Furthermore, the assembly approved the deletion of several articles to streamline operations, specifically those governing board remuneration, the powers of the managing director and secretary, and board meeting quorums.
New articles were introduced to address urgent board decisions, meeting protocols, and shareholder assembly deliberations.
Notably, the assembly rejected a proposed addition to the bylaws that would have placed restrictions on changes in shareholder ownership.
Financial resolutions for the year ended 31 December 2025 were also finalized. Shareholders approved the board of directors' report and the auditor's report for the period.
Total remuneration for board members, amounting to SAR 2.26 million, was approved for distribution on a proportional basis.
In a significant balance sheet move, the assembly authorized the transfer of the company’s entire statutory reserve, totaling SAR 82.82 million, into the retained earnings account.
The assembly also addressed board composition and related-party transactions. Shareholders elected Mohammed bin Hathhout Al Suwaidan to a newly created seat on the board of directors, effective from the date of the meeting until the current term expires on 14 August 2026.
The appointment of Ahmed Mesfer Al Ghamdi as an independent director, which originally took effect in September 2025 following the departure of Yazeed Al Othman, was also ratified.
Regarding corporate governance and transparency, the assembly approved several contracts involving board members with indirect interests. These included an agreement with Al Mutlaq Group for Industrial Investment, involving board member Tariq Mutlaq Al Mutlaq, for expenses incurred on behalf of the company totaling SAR 82.73 million.
Additionally, a contract with Ihata Financial for financial advisory services, involving board member Rakan Abdullah Abu Nayan, was approved at a value of 32,000 Saudi Riyals. Both contracts are for one year and are renewable under standard commercial terms without preferential treatment.
The board of directors was also granted a one-year authorization to exercise the powers of the OGM regarding licensing requirements under the Companies Law, ensuring operational continuity until the end of the current board cycle.
