Rawasi shareholders reject board authorization for 2026 dividends

Shareholders of Rawasi Albina Investment Co. rejected a proposal to authorize the board of directors to distribute interim dividends on a semiannual or quarterly basis for 2026.

This came during the ordinary general meeting (OGM) held on Aug. 17.

In a statement to Tadawul, the company said the OGM also rejected a proposal to pay SAR 630,700 in remuneration to board members for 2025.

Shareholders also rejected a proposal to authorize the board to exercise the powers of the OGM regarding the license stipulated in Paragraph 1 of Article 27 of the Companies Law.

The authorization would be valid for one year from the date of the general assembly’s approval or until the end of the board’s term, whichever comes first.

This would be in accordance with the conditions and provisions of the Implementing Regulations of the Companies Law applicable to Listed Joint Stock Companies.

Shareholders also rejected the appointment of Saad Alshammari, an independent board member, effective from his appointment date on Dec. 10, 2025, to complete the board’s term, replacing the resigned member Mohsen Al-Otaibi, who served as managing director.

Shareholders further rejected the company’s auditor’s report for 2025, after discussing it.

Meanwhile, the OGM approved the appointment of Al-Zoman, Al-Fahad & Al-Hajjaj Professional Consulting Co. as the company’s auditor, to audit the annual financial statements for 2026 and H1 2027, for fees of SAR 380,000, excluding VAT.

Rawasi said it received a letter on Aug. 13, from Al-Zoman, declining the appointment as an auditor and withdrawing its fee proposal.

The company said a new OGM will be scheduled, subject to obtaining the necessary approvals, to vote on the items that were not approved.