Al Kathiri elects board members for new term, rejects several contracts

Logo of Al Kathiri Holding Co.

Al Kathiri Holding Co.’s ordinary general assembly (OGM) approved, on May 7, the election of board members for the new four-year term ending on May 6, 2030.

In a statement to Tadawul, the company said the new board includes Meshal AlKathiri, Abdullah Al-Sheikh, Khalid Al-Khayal and Hussein Al-Dossari.

Additionally, shareholders disapproved the transactions and contracts between Msandh Alemdad Ltd., a fully owned subsidiary, and Alian Industry Co., a 99%-owned subsidiary. The total value amounted to SAR 21.3 million in 2025, representing purchases and mutual dealings conducted in the ordinary course of business without preferential terms.

Furthermore, the OGM refused to ratify the transactions and contracts between Luxury Yacht Industrial Co., Al Kathiri’s 100% unit and Alian Industry. The total value of the transactions stood at SAR 449,891 in 2025.

Shareholders also refused to approve the related-party deals and contracts with Alian Industry, totaling SAR 28.4 million last year.

Meshal AlKathiri has an indirect interest as a board member in Msandh Alemdad, Alian Industry, Luxury Yacht and Al Kathiri Holding.

Shareholders also refrained from delegating to the elected board the powers of the OGM regarding the authorization stipulated in Article 27 (1) of the Companies Law.

However, they approved all remaining items on the meeting’s agenda.