Riyadh – Mubasher: Fourth Milling Company has announced the results of its Ordinary General Assembly meeting held on 23 June 2026, where shareholders approved a series of significant related party transactions.
The investors also ratified the appointment of external auditors, and a mandate for the Board of Directors to distribute interim dividends for the 2026 fiscal year, according to a bourse filing.
During the assembly, shareholders reviewed and discussed the Board of Directors' report, the auditor's report, and the financial statements for the 2025 fiscal year.
Following these deliberations, the assembly granted discharge to the members of the Board of Directors for their performance during the 2025 fiscal year and approved a total remuneration of SAR 3.42 million for the board members.
A substantial portion of the meeting focused on the approval of several business contracts and agreements involving related parties, all of which were conducted without preferential terms.
A primary highlight was the approval of an amended 25-year wheat supply agreement involving the Saudi Agricultural and Livestock Investment Company (SALIC), a PIF-company, and the General Food Security Authority (GFSA). This agreement involves an indirect interest for Chairman Badr Hamed Al Aujan.
The assembly also ratified several commercial sales contracts with entities linked to board members. These included a consumer packaging sales agreement with Abdullah Al Othaim Markets valued at approximately SAR 8.74 million.
This is in addition to bran product sales contracts with the United Feed Manufacturing Company totaling SAR 37.99 million.
Additionally, shareholders approved consumer flour sales to Pure Food Company amounting to SAR 3.29 million and administrative, legal, and financial support service contracts with Gulf Industrial Flour Milling Company valued at SAR 232,500.
In a move to enhance shareholder returns, the assembly authorized the Board of Directors to distribute interim dividends on either a semi-annual or quarterly basis for the 2026 fiscal year. This delegation of authority aligns with the company’s strategy to provide flexible and periodic capital returns to its investors.
Regarding corporate governance and oversight, the assembly approved the appointment of KPMG Professional Services as the company’s external auditor.
KPMG will be responsible for reviewing and auditing the financial statements for the second and third quarters of 2026, the full-year 2026 financials, and the first quarter of 2027. The total fees for these services were set at SAR 765,000 excluding value-added tax.
Furthermore, shareholders confirmed the appointment of Abdulaziz Abdullah Al Darrab as a non-executive board member.
Al Darrab joined the board on 15 January 2026 to fill the vacancy left by former member Tariq Al Jammaz and he will serve for the remainder of the current board term ending 16 August 2027.
Finally, the board was granted the powers of the Ordinary General Assembly for a period of one year, as permitted under the Law of Companies.
The meeting concluded with the confirmation of attendance by the majority of the board, including the heads of the Audit and Executive Committees, ensuring that the company’s leadership was present to address shareholder inquiries regarding the firm’s strategic and operational direction.
