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Articles > Saudi Top for Trading Company recently held its Extraordinary General Assembly meeting, where shareholders voted on various...

Saudi Top for Trading Company recently held its Extraordinary General Assembly meeting, where shareholders voted on various...

By KlickAnalytics Data Insights  |   June 30, 2026 03:03PM ET

Saudi Top for Trading Company recently held its Extraordinary General Assembly meeting, where shareholders voted on various financial and governance matters. The key decisions made during the meeting include transferring the company's statutory reserve to retained earnings, authorizing the distribution of interim dividends, and approving related-party transactions involving the Chairman of the Board.

In a significant financial move, shareholders agreed to transfer the company's statutory reserve of SAR 5.71 million from the 2025 fiscal year into retained earnings. This transfer provides the company with more flexibility in managing its capital structure and future distributions. Additionally, the Board of Directors was granted authority to distribute interim dividends to shareholders semi-annually or quarterly for the 2024 fiscal year.

The assembly also addressed governance and compliance issues, such as approving the financial statements, the Board of Directors' report, and the auditor's report for the 2025 fiscal year. Shareholders voted to discharge the Board members from liability for the same period and approved a total remuneration of SAR 432,000 for the board.

Furthermore, the company appointed Ibrahim Ahmed Al-Bassam & Co. as the external auditor to examine and audit the financial statements for specific periods in the 2026 fiscal year. The firm's professional fees for these services were set at SAR 378,000. Shareholders also ratified related-party transactions involving Yafel Plastic Factory, wherein Chairman Abdullah Mohammed Al-Ajmi holds an indirect interest.

The meeting concluded with the approval of regulatory amendments, concerning updates to the company's Articles of Association and internal charters governing committees and policies. The Board was authorized to exercise the powers of the General Assembly as permitted by the Companies Law for a specific period.

Overall, the shareholder decisions at the Extraordinary General Assembly meeting reflect the company's commitment to sound financial management, governance practices, and regulatory compliance. These measures aim to enhance transparency, accountability, and long-term value creation for all stakeholders of Saudi Top for Trading Company.
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