Articles > First Mills EGM: KPMG appointed as external auditor, bylaws amended
First Mills EGM: KPMG appointed as external auditor, bylaws amended
By KlickAnalytics Data Insights | July 1, 2026 03:11AM ET
- First Mills shareholders approve KPMG as external auditor
- Amendments made to company's bylaws, including share trading rules
- Statutory reserve transferred to retained earnings
Riyadh – First Milling Company (First Mills) has disclosed the outcomes of its Extraordinary General Meeting (EGM) convened on 28 June 2026, during which shareholders gave the green light to the appointment of KPMG as the external auditor and approved a series of significant changes to the company’s bylaws.
The meeting, which utilized modern technology from Jeddah, witnessed the endorsement of the 2025 financial statements, the exoneration of board members from liability, and the movement of the company’s statutory reserve to retained earnings.
A subsequent disclosure on the Saudi Exchange (Tadawul) verified that shareholders elected KPMG to act as the external auditor based on a recommendation from the Audit Committee. KPMG is tasked with auditing the financial statements for the latter part of 2026, the entire 2027, and Q1 2027, with total fees amounting to SAR 1.48 million.
A significant portion of the session was focused on restructuring the company's internal governance system. Shareholders approved the modification of several articles within the bylaws, such as those concerning share trading, sale of non-fully paid shares, and company management.
Moreover, the assembly agreed to remove several articles related to board remuneration, managing director and secretary powers, and board meeting quorums to enhance operational efficiency. New articles were also introduced to address board decisions, meeting protocols, and shareholder assembly discussions.
While financial resolutions for the year concluded on 31 December 2025 were completed with the approval of the board of directors and auditor reports, shareholders also sanctioned the distribution of a total remuneration of SAR 2.26 million among board members on a proportional basis.
In a significant balance sheet move, the assembly authorized the transfer of the company’s entire statutory reserve, totaling SAR 82.82 million, into the retained earnings account. Board composition and related-party transactions were also discussed and addressed during the meeting.
- Amendments made to company's bylaws, including share trading rules
- Statutory reserve transferred to retained earnings
Riyadh – First Milling Company (First Mills) has disclosed the outcomes of its Extraordinary General Meeting (EGM) convened on 28 June 2026, during which shareholders gave the green light to the appointment of KPMG as the external auditor and approved a series of significant changes to the company’s bylaws.
The meeting, which utilized modern technology from Jeddah, witnessed the endorsement of the 2025 financial statements, the exoneration of board members from liability, and the movement of the company’s statutory reserve to retained earnings.
A subsequent disclosure on the Saudi Exchange (Tadawul) verified that shareholders elected KPMG to act as the external auditor based on a recommendation from the Audit Committee. KPMG is tasked with auditing the financial statements for the latter part of 2026, the entire 2027, and Q1 2027, with total fees amounting to SAR 1.48 million.
A significant portion of the session was focused on restructuring the company's internal governance system. Shareholders approved the modification of several articles within the bylaws, such as those concerning share trading, sale of non-fully paid shares, and company management.
Moreover, the assembly agreed to remove several articles related to board remuneration, managing director and secretary powers, and board meeting quorums to enhance operational efficiency. New articles were also introduced to address board decisions, meeting protocols, and shareholder assembly discussions.
While financial resolutions for the year concluded on 31 December 2025 were completed with the approval of the board of directors and auditor reports, shareholders also sanctioned the distribution of a total remuneration of SAR 2.26 million among board members on a proportional basis.
In a significant balance sheet move, the assembly authorized the transfer of the company’s entire statutory reserve, totaling SAR 82.82 million, into the retained earnings account. Board composition and related-party transactions were also discussed and addressed during the meeting.
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