Riyadh – Mubasher: The shareholders of National Building and Marketing Company reviewed and approved several key items, including the appointment of a new external auditor, the ratification of financial reports for 2025, and the approval of various related party contracts.
The resolutions were made at the Ordinary General Assembly meeting on 16 June 2026, which also endorsed the Board of Directors' recommendation to withhold dividend distributions for the 2025 fiscal year, according to a bourse filing.
The general assembly also agreed to authorize the company to act as a guarantor for its subsidiary, Ajij Steel Manufacturing Company.
A primary outcome of the assembly was the appointment of Baker Tilly for Professional Consulting as the company’s external auditor. Selected based on the Audit Committee’s recommendation, the firm will be responsible for examining and auditing the financial statements for the second, third, and annual periods of the 2026 fiscal year, as well as the first quarter of 2027.
The total fees for these auditing services were set at SAR 1.20 million excluding Value Added Tax (VAT).
Shareholders formally approved the Board of Directors' report, the auditor's report, and the financial statements for the fiscal year ended on 31 December 2025.
Following these approvals, the assembly granted discharge to the members of the Board of Directors for their performance during the same period.
Additionally, the assembly approved a total remuneration of SAR 125,000 for board members for the 2025 fiscal year.
In a significant move regarding the company's capital management, the assembly voted in favor of the Board's recommendation to not distribute dividends to shareholders for the 2025 fiscal year.
Furthermore, the company received authorization to provide a corporate guarantee for its subsidiary, Ajij Steel Manufacturing and Derivatives Company. This guarantee is capped at SAR 300 million and is intended for use with local banks and financing institutions, with the validity of the guarantee tied to the expiration of the current Board’s term.
The assembly also ratified several transactions and contracts conducted during 2025 involving related parties where Mohammed Iqbal Daaboul holds an interest. These included transactions with Ithra Holding Company involving expenses paid on behalf and financing totaling approximately SAR 51.80 million and dealings with Al Fayziyah Real Estate Development Company involving revenues and financing exceeding SAR 60 million.
Other approved contracts involved the German Saudi Industrial Company and Adhwa Al Hedaya Schools. The company noted that all such agreements were executed without preferential terms or conditions.
Finally, the shareholders confirmed the appointment of Moayad bin Ibrahim Al Mazrou as an independent board member.
Al Mazrou joined the board on 18 May 2026 to fill the vacancy left by former non-executive member Rayan bin Hamad Al Khuwaiter and will serve until the current board term concludes on 6 March 2028.
The assembly also granted the Board of Directors the authority to license activities under the Companies Law for a period of one year.
