Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) has announced the successful conclusion of its Ordinary General Meeting (OGM), where shareholders approved all items on the agenda, including the financial statements for 2025 and the appointment of a new external auditor.
The meeting was held virtually on the evening of 29 June 2026. It was convened as a second meeting, held one hour after the scheduled time for the initial session due to a lack of legal quorum.
Under the company’s bylaws, the second meeting was valid regardless of the number of shares represented. Official records indicate a final attendance rate of 16.24% of the company’s capital.
The session was attended by key leadership, including Chairman Abdullah bin Mohammed Al Humaidhi, Vice Chairman Mohammed bin Shabib Al Mutlaq, and several other board members and committee heads.
A primary focus of the assembly was the review of the company’s performance for the fiscal year ended 31 December 2025. Shareholders discussed and approved the Board of Directors’ report and the audited financial statements for that period. Furthermore, the assembly granted discharge to the members of the Board of Directors for their management during 2025.
In a significant administrative move, the assembly approved the appointment of Crowe Solutions for Professional Consulting as the company’s external auditor. This appointment followed a recommendation from the audit committee.
The firm will be responsible for the examination and audit of the second and third quarters of the 2026 fiscal year, the annual audit for 2026, and the first quarter (Q1) of the 2027 fiscal year. The total fees for these services were set at SAR 290,000.
Shareholders also voted in favor of several internal policy updates. These included amendments to the remuneration policy for the board of directors, its sub-committees, and the executive management.
Additionally, the assembly approved modifications to the standards and procedures for board membership nominations, as well as updates to the internal charters governing the Audit Committee and the Remuneration and Nominations Committee. A new policy regarding competition standards and criteria was also ratified.
Regarding executive compensation, the assembly approved a total payout of SAR 1.77 million as remuneration for the members of the Board of Directors for the fiscal year ended 31 December 2025. This disbursement aligns with the company’s established financial results and governance frameworks for the period.
SAIC, which operates with a total capital of SAR 600 million, utilized modern technology to facilitate the voting process and ensure shareholder participation despite the initial quorum challenges.
The company invited shareholders with further inquiries to contact its investor relations department via the provided official communication channels.
The approval of these resolutions provides SAIC with the necessary mandate to proceed with its 2026 financial reporting cycle under new external oversight while ensuring its internal governance documents remain updated in accordance with regulatory requirements.
