Riyadh – Mubasher: Al Gassim Investment Holding Company (GACO) has announced the results of its Ordinary General Meeting (OGM), which was held on 21 June.
During the session, shareholders reviewed the company’s performance for 2025 and reached several key decisions regarding the firm’s financial oversight and governance, including the formal appointment of an external auditor for the upcoming reporting periods.
The meeting, which represented the second assembly gathering for the company, was conducted at 19:30 via modern technological means, allowing for remote participation and voting.
While the assembly was physically anchored at the company’s headquarters in Buraydah, the digital format ensured broader accessibility for the shareholder base. According to the disclosure, the meeting reached a quorum with an attendance rate of 24.44% of the company’s share capital.
The proceedings were attended by several high-ranking members of the Board of Directors, ensuring direct oversight of the assembly's agenda.
Notable attendees included Abdulaziz Abdullah Al Humaid, who serves as the Chairman of the Board and Chairman of the Investment Committee, and Bader Hamad Al Qadi, the Vice Chairman of the Board and Chairman of the Audit Committee. Other board members in attendance were Rasheed Sulaiman Al Rasheed, who also chairs the Remuneration and Nominations Committee, Faisal Abdul Karim Al Khamis, and Abdulaziz Ali Al Turki.
A primary focus of the assembly was the formal review and discussion of the company’s financial and operational standing for the fiscal year ending 31 December 2025. Shareholders reviewed the Board of Directors’ report for that period, which outlines the strategic direction and operational milestones achieved by the company.
Furthermore, the assembly discussed and approved the company’s financial statements and the independent auditor’s report for the same fiscal year. These approvals are a standard yet critical component of corporate governance for entities listed on the Saudi Exchange (Tadawul), providing transparency regarding the company’s fiscal health.
In a significant move regarding future financial transparency, the General Assembly approved the appointment of Baker Tilly MKM & Co. as the company’s external auditor. This selection was made from a pool of candidates following a formal recommendation from the Audit Committee.
Baker Tilly MKM & Co. will be responsible for the examination and audit of the company’s financial statements for the second and third quarters of 2026, the full-year annual audit for 2026, and the first quarter of the 2027 fiscal year. The agreed-upon professional fees for these services are set at SAR 360,000, a figure that excludes Value Added Tax (VAT).
The assembly concluded with the successful processing of all agenda items, marking the completion of the regulatory requirements for the 2025 fiscal cycle.
The transition to the new auditing firm signals the company’s commitment to maintaining rigorous financial reporting standards as it moves through the 2026 and 2027 financial periods. This meeting underscores the ongoing administrative and regulatory compliance of Al Gassim Investment Holding Company as it manages its portfolio and shareholder obligations within the Kingdom’s investment landscape.
