Riyadh - Mubasher: Morabaha Marina Financing Company announced the results of its ordinary general meeting (OGM), held on 22 June 2026.
During the session, shareholders reviewed and approved the board of directors' report and the consolidated financial statements for 2025.
The assembly also confirmed the appointment of PricewaterhouseCoopers (PwC) as the company’s external auditor for the upcoming fiscal periods and discharged the board of directors from liability for the previous financial year.
The meeting, which represented the first assembly call, was conducted at 19:45 at the company’s headquarters in the Al Nakheel district of Riyadh. To ensure broad shareholder participation, the proceedings were held both in person and via modern technology platforms, allowing for remote attendance and electronic voting. The company reported an attendance quorum of 46.47% of the total share capital.
The assembly was attended by several high-ranking members of the board of directors, including Chairman Salman bin Mohammed Al Asmari and Vice Chairman Naif bin Talal Al Maiman. Other board members in attendance included Mohammed Abdullah Balamesh, Hussam Saleh Bin Owaeen, Fahaid Moazi Al Otaibi, Bandar Mohammed Al Hamali, and Nasser Mohammed Al-Qasabi.
In addition to the board members, the chairmen of the various specialized committees were present to address shareholder inquiries. These included Mamdouh Sulaiman Al Majid, Chairman of the Audit Committee; Bandar Mohammed Al Hamali, Chairman of the Risk and Credit Committee; Bandar bin Mohammed Al Safeer, Chairman of the Nomination and Remuneration Committee; and Nasser Mohammed Al Qasabi, Chairman of the Executive Committee.
The primary agenda items focused on the ratification of the company’s performance and governance for the 2025 fiscal year. Shareholders formally approved the auditor’s report and the board of directors’ report after thorough discussion.
Furthermore, the consolidated financial statements for the year ending 31 December 2025 were reviewed and officially adopted. Following the presentation of these reports, the assembly voted to discharge the members of the board of directors from any liability related to their management of the company during 2025.
A significant resolution passed during the meeting involved the selection of the company’s external auditor.
Following a recommendation from the Audit Committee, shareholders approved the appointment of PwC Professional Consulting. Under the terms of the agreement, PwC will be responsible for examining, reviewing, and auditing the company’s financial statements for the second and third quarters of 2026, the full-year 2026 financials, and the first quarter (Q1) of 2027. The total fees for these professional services were set at SAR 1.20 million, excluding Value Added Tax (VAT).
The meeting concluded after all items on the agenda were put to a vote, marking the formal completion of the regulatory requirements for the 2025 fiscal year and establishing the framework for financial oversight throughout the remainder of 2026.
