Riyadh – Mubasher: Knowledge Net Company has announced the results of its Ordinary General Assembly meeting (OGM) held on 25 June 2026, which included the appointment of RSM Allied Accountants Professional Services as the external auditor for the 2026 fiscal year, according to a bourse disclosure.
During the virtual session, shareholders approved the company’s financial statements for 2025, discharged the Board of Directors from liability, and ratified several significant related party transactions involving board members and senior executives.
The assembly opened with the review and approval of the Board of Directors' report and the auditor's report for the 2025 fiscal year.
Following the review of the company's financial health, the assembly granted discharge to the members of the Board of Directors for their performance during the 2025 fiscal year.
A central component of the meeting involved the ratification of various business contracts and transactions where board members held indirect interests.
One of the most significant items approved was a contract between Softmore, a wholly-owned subsidiary of Knowledge Net, and the International Company for Project Management and Technical Technology in Egypt.
The transaction involved Softmore purchasing intellectual property rights for software on behalf of Knowledge Net at a cost value of SAR 7.66 million. Mohammed Ahmed Al Sayed Attia, who serves as a board member, managing director, and acting CEO, was identified as having an indirect interest in this deal.
The assembly also addressed several financing arrangements provided to the company by its major shareholders and leadership.
Shareholders approved a SAR 688,000 financing amount provided by the Chairman of the Board, Mohammed Ibrahim Al Mansour, and a SAR 601,375 financing amount provided by Attia. Both transactions were ratified under the framework of related party disclosures required by Saudi regulatory standards.
Furthermore, the meeting resolved several matters related to V-Central, an associate company of Knowledge Net.
Shareholders approved settlements regarding financing provided to V-Central by various partners. This included a SAR 253,539 settlement for Vice Chairman Khalid Abdulrahman Al Mousa and a SAR 1.54 million settlement for board member Abdulrahman Yahya Al Yahya. Both individuals hold a 7.5% stake in V-Central.
These amounts were settled through the purchase of units in the Saudi Technology Fund. A similar settlement of SAR 678,755 was approved for Hani Mohammed Al Mansour, the Chairman’s son, regarding his potential partnership in V-Central.
In terms of future governance and oversight, the assembly appointed RSM Allied Accountants Professional Services to audit the company’s accounts for the first half (H1) and full year of 2026. The audit fees were set at SAR 440,000.
The selection was made based on a recommendation from the Audit Committee, which evaluated several candidates to ensure the continued integrity of the company’s financial reporting.
