Riyadh – Mubasher: Red Sea International Company has announced the results of its Extraordinary General Assembly meeting held on 18 June 2026, during which shareholders approved several key resolutions, including the appointment of a new external auditor and the disbursement of board remuneration.
The meeting saw the ratification of the company’s financial performance for the fiscal year ended on 31 December 2025 in addition to the granting of specific administrative authorizations to the Board of Directors, according to a bourse filing.
A primary outcome of the assembly was the formal approval of the Board of Directors' report, the auditor’s report, and the consolidated financial statements for the fiscal year 2025.
Following these approvals, shareholders voted to discharge the members of the Board of Directors from liability for their management during the same fiscal period.
In a move to ensure continued financial oversight and regulatory compliance, the assembly approved the appointment of PricewaterhouseCoopers (PwC) as the company’s external auditor. This selection followed a recommendation from the Audit Committee.
PwC is tasked with the examination and auditing of the company’s financial statements for the second, third, and fourth quarters of the 2026 fiscal year, the full-year 2026 results, and the first quarter of 2027.
Meanwhile, the total professional fees for these services were set at SAR 3.06 million, excluding value-added tax (VAT).
The assembly also addressed corporate governance and compensation. Shareholders approved the disbursement of SAR 2.01 million in remuneration to the board members for the 2025 fiscal year.
Furthermore, the meeting granted the Board of Directors the powers of the Ordinary General Assembly as permitted under Article 27 of the Companies Law. This authorization is valid for one year from the date of approval or until the end of the current board’s term, whichever occurs first, and remains subject to the regulatory requirements issued by the competent authorities for listed joint-stock companies.
Beyond financial and administrative approvals, the shareholders sanctioned a strategic amendment to the company’s bylaws. Specifically, Article 4 of the Articles of Association, which outlines the company’s primary objectives and business purposes, was modified.
While the specific nature of the business expansion was not detailed in the summary of the resolution, such amendments typically align a company's legal framework with its evolving operational strategies.
The meeting concluded with the confirmation of the voting results on all agenda items, reinforcing the shareholder base's support for the current management's direction and the company's financial reporting integrity. Shareholders seeking further clarification on the assembly's outcomes have been directed to the company’s Investor Relations department via established communication channels.
