Riyadh – Mubasher: Saudi Chemical Company Holding has announced the cancellation of its scheduled Extraordinary General Assembly meetings that were originally set for 22 June 2026, according to a bourse filing.
Both the first and second sessions failed to convene as planned due to the lack of a legal quorum required under Saudi Arabian corporate regulations.
Despite the availability of electronic voting and remote participation via the Tadawulaty system, shareholder attendance remained below the necessary threshold to validate the proceedings, necessitating a further postponement of the company’s agenda.
The company had organized the meetings to take place via modern technological means, while the attendance rate for the first meeting reached only 19.90% of the shares represented by voting rights.
Under the company’s bylaws and the Saudi Companies Law, this figure fell short of the minimum attendance required to establish a legal quorum for an Extraordinary General Assembly.
Following the failure of the first session, the company attempted to hold the second meeting one hour later; however, the attendance remained stagnant at 19.90%.
Consequently, the board was unable to move forward with the scheduled deliberations. The meetings were intended to be broadcast from the company’s general management headquarters located on Al-Ahsa Street in Riyadh, utilizing the Tadawulaty platform to facilitate shareholder engagement.
Saudi Chemical clarified that the failure to convene these meetings does not currently impact specific board recommendations regarding dividends or the ongoing work of the company’s external auditors.
Furthermore, the disclosure indicated that there were no immediate implications regarding changes to the company’s capital structure at this specific juncture.
In accordance with regulatory procedures, the company has confirmed that it will coordinate with the relevant Saudi authorities to obtain the necessary approvals for a third Extraordinary General Assembly meeting.
The date and time for this subsequent session will be announced to the public once the official permits are secured.
Under Saudi corporate governance standards, the third meeting of an Extraordinary General Assembly is considered valid regardless of the number of shares represented. This ensures that the company can eventually pass necessary resolutions and address its corporate agenda even if shareholder turnout remains low.
It is worth noting that Saudi Chemical generated net profits worth SAR 87.21 million in the first quarter (Q1) of 2026.
