Al Mawarid EGM approves transfer of SAR 45M statutory reserve to retained earnings

Logo of Al Mawarid Manpower Co.

Al Mawarid Manpower Co. said its extraordinary general meeting (EGM), held on Sunday, Sept. 28, approved the board of directors’ recommendation to transfer the company’s entire statutory reserve of SAR 45 million, as of June 30, 2025, to retained earnings.

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In a statement on Tadawul, the company said shareholders also ratified an amendment to Article 4 of the company’s bylaws to expand its activities. The new additions include consultancy services in management, mediation in the recruitment of foreign workers, temporary household services agencies, and foreign labor services agencies.

The EGM further approved the election of a new board of directors for a three-year term starting Oct. 11, 2025, and ending Oct. 10, 2028.

The elected members are Yousef Alolayan, Abdullah Al-Omair, Abdulaziz Al Rashid, Abdulaziz Al Othman, Ahmed Al Rukban, Riyad Al-Rumayzan, and Tariq Al-Awaji.