Riyadh – Mubasher: First Avenue for Real Estate Development Company has issued a supplementary announcement regarding the outcomes of its ninth Extraordinary General Assembly meeting, which was originally convened on 16 June 2026.
The latest disclosure provides specific details concerning the appointment of the company’s external auditor and the results of a shareholder vote regarding the delegation of specific powers to the Board of Directors.
These details serve as a clarification to the initial results published on the Saudi Exchange website, ensuring comprehensive transparency for shareholders and the broader investment community.
According to the disclosure, shareholders approved the fourth item on the assembly’s agenda, which pertained to the selection of an external auditor.
Following a recommendation from the Audit Committee, the General Assembly voted to appoint Forvis Mazars (Professional Consultants) to handle the company's financial oversight. The firm is tasked with the examination, review, and auditing of the financial statements for the first (Q1), second, third, and fourth quarters of the 2026 fiscal year, as well as the full-year annual financial statements for 2026.
Furthermore, the mandate extends to the review of the financial statements for the Q1-027 fiscal year. The total fees for these professional services have been set at SAR 440,000 a figure that excludes Value Added Tax.
In a notable development regarding corporate governance, the company reported that the eighteenth item on the agenda did not receive shareholder approval. This resolution sought to delegate the authority of the Ordinary General Assembly to the Board of Directors as permitted under Paragraph 1 of Article 27 of the Companies Law.
Such a delegation would have authorized the Board to grant licenses for a period of one year from the date of approval or until the end of the current Board session, whichever occurred first, in accordance with the Executive Regulations of the Companies Law for Listed Joint Stock Companies.
By rejecting this proposal, the General Assembly has opted to retain direct oversight over the licensing matters specified in the relevant article, which typically concerns conflicts of interest or competing business activities.
First Avenue emphasized that there have been no changes to the developments previously reported and that these clarifications carry no additional financial impact on the organization.
The disclosure aligns with the regulatory requirements of the Saudi Exchange, providing the necessary granular detail on voting outcomes that shape the company’s administrative and fiscal framework.
Meanwhile, the refusal to delegate specific authorities to the Board highlights the active role of the General Assembly in exercising its statutory rights under the Saudi Companies Law.
While the appointment of Forvis Mazars ensures the continuity of the company’s financial reporting and auditing processes through early 2027, the voting results on the delegation of powers reflect the shareholders' current stance on governance and the distribution of authority within the firm’s leadership structure.
This supplementary disclosure concludes the reporting requirements for the ninth Extraordinary General Assembly, finalizing the record of the resolutions passed and rejected by the company's investors.
