Riyadh – Mubasher: Sport Clubs Company has announced the results of its Extraordinary General Assembly meeting which was held on 24 June 2026 and witnessed the ratification of 2025 financial statements, according to a bourse filing.
The shareholders also cleared board members of liability, and ratified several key appointments and regulatory amendments. They further ratified the auditor’s report and the Board of Directors’ report for the 2025 fiscal period.
Following the discussion of the financial results, the assembly approved the discharge of board members from liability for their management during the 2025 fiscal year.
The meeting also addressed related-party transactions and potential conflicts of interest. Shareholders approved a contract with Aldrees Petroleum and Transport Services Company, in which board member Abdulilah Al Drees holds an indirect interest.
The agreement involves the supply of fuel for company vehicles through Aldrees stations, totaling SAR 660,000 for the year 2025. The assembly noted that the contract was executed under standard commercial terms without preferential treatment.
In terms of external oversight, the assembly approved the appointment of BDO Dr. Mohamed Al Amri & Co. as the company’s auditor to 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 services were set at SAR 565,000.
Board Changes
Significant changes to the board’s composition were also ratified. The assembly approved the appointment of Mahmoud Baban to a vacant seat effective 3 November 2025, following the resignation of Yasser Al Hadithi.
Furthermore, Sara Abdulaziz Al Madimegh was appointed as a non-executive member effective 1 June 2026 to complete the current board term ending in September 2027, replacing Mahmoud Jalal Baban.
Notably, shareholders granted approval for Al Madimegh to engage in business activities that may compete with the company's operations.
Financial compensation for governance roles was a key agenda item. Shareholders approved a total board remuneration of SAR 948,356 for the 2025 fiscal year. Additionally, SAR 300,000 was allocated for Audit Committee remuneration, following the approval of updated policies governing the compensation of the board, its committees, and executive management.
The assembly concluded with a comprehensive series of amendments to the Company’s Bylaws. These changes affected various articles, including those governing the company’s objectives, share trading, capital increases, and the buyback or pledging of shares.
The assembly also approved the addition of a new article regarding the formation of committees and updated the regulations concerning financial documents and dividend entitlements.
The resolutions passed during this Extraordinary General Assembly provide Sport Clubs with a refreshed regulatory framework and a confirmed leadership structure as it moves into the 2026 fiscal year.
By aligning its bylaws with current corporate standards and securing shareholder approval for its financial and administrative actions, the company maintains its compliance with the Saudi Capital Market Authority’s (CMA) requirements.
