Riyadh – Mubasher: Scientific & Medical Equipment House Company announced an invitation to its shareholders to attend the fourth Extraordinary General Meeting (EGM), scheduled for 27 July 2026.
The meeting, which will be conducted via modern technology means, features a comprehensive agenda including the election of a new Board of Directors for a four-year term and several significant amendments to the company’s Articles of Association.
Key proposals include the formal authorization of interim dividend distributions and a major expansion of the company’s registered business activities.
The meeting is set to commence at 19:30 local time from the company’s headquarters in Riyadh. In accordance with Article 32 of the company’s bylaws, the EGM will be considered valid if attended by shareholders representing at least 50% of the voting shares.
Should this quorum not be met, a second meeting will be held one hour after the scheduled time of the first, requiring a minimum of 25% representation to proceed.
A primary item on the agenda is the election of board members for the upcoming session, which is slated to begin on 31 July 2026, and conclude on 30 July 2030.
Shareholders will vote on 28 candidates to fill eight board seats, provided that the proposed amendment to Article 17 regarding board management is approved.
The list of candidates includes prominent figures with extensive experience in the Saudi financial and industrial sectors, such as Basil bin Saud Al Arifi, Bandar bin Saud Al Arifi, and Kholoud Abdulaziz Al Dakhil.
The assembly will also deliberate on a pivotal amendment to Article 42, which would empower the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis. This proposal is subject to specific regulatory requirements, including the company maintaining a consistent level of profitability and sufficient liquidity as evidenced by its most recent audited financial statements.
Furthermore, the company is seeking shareholder approval to significantly broaden its operational scope under Article 4. The proposed expansion covers a wide array of sectors, including general construction for residential and non-residential buildings, airport infrastructure, road and tunnel maintenance, and specialized medical equipment warehousing.
The new activities also extend to the hospitality sector, including catering services for airlines and sports facilities, as well as digital transformation services such as system integration and artificial intelligence automation.
Shareholders registered with the Securities Depository Center (Edaa) at the end of the trading session preceding the meeting are eligible to attend and vote. Electronic voting via the Tadawulaty platform will begin at 01:00 on 23 July 2026, and will remain open until the conclusion of the assembly.
The company has clarified that no physical proxy forms are required, as the entire process will be managed remotely to facilitate maximum shareholder participation.
The proposed changes to the company’s bylaws and the election of a new board represent a strategic effort by Scientific and Medical Equipment House to modernize its corporate governance framework and diversify its revenue streams across multiple industrial and service sectors in the Kingdom.
On 18 June, the company renewed its SAR 120 million Sharia-compliant credit facility agreement with Arab National Bank (ANB).
