Riyadh – Mubasher: Thob Al Aseel Company announced that its shareholders granted the Board of Directors the authority to distribute interim dividends for the 2026 fiscal year, according to a bourse filing.
The meeting was held on 11 June 2026, during which the assembly ratified a series of related-party contracts and confirmed a new independent board appointment, signaling continued stability in the company’s governance and operational framework.
The shareholders reviewed and approved the Board of Directors’ report, the auditor’s report, and the audited financial statements for the fiscal year ended on 31 December 2025.
Following a discussion of the financial results, the assembly voted to discharge the members of the Board of Directors from liability for the 2025 fiscal period.
A key resolution passed during the assembly was the appointment of Ernst & Young (EY) as the company’s external auditor.
Selected from among candidates recommended by the Audit Committee, EY will be tasked with examining and auditing the financial statements for the second, third, and annual periods of 2026, as well as the first quarter of 2027.
Meanwhile, the professional fees for the EY services were set at SAR 850,000 excluding value-added tax.
The assembly also approved the board’s authorization to distribute interim dividends to shareholders on a semi-annual or quarterly basis for the 2026 fiscal year.
This move provides the company with the regulatory flexibility to manage shareholder returns in alignment with its financial performance throughout the year.
Furthermore, the shareholders approved a total remuneration of SAR 1.50 million for the members of the Board of Directors for the 2025 fiscal year.
In terms of board composition, the assembly ratified the appointment of Ajlan Abdulrahman Al Ajlan as an independent board member.
Al Ajlan’s term began on 1 January 2026, following the departure of Raed bin Abdullah Al Haqeel, and he will serve until the current board cycle concludes on 3 September 2027.
Business Contracts
A significant portion of the agenda was dedicated to the ratification of various business contracts and lease agreements involving related parties. These transactions, which the company stated were conducted without preferential terms or additional benefits, primarily involve the leasing of retail and logistics spaces.
Notable approvals included:
- Three lease agreements with the Tarfa Waqf Foundation for a showroom in Jeddah and two warehouses in Buraidah, with a combined annual rental value of SAR 700,000. Chairman Faisal Abdullah Al Jedaie and board member Abdullah Mohammed Al Jedaie held indirect interests in these agreements.
- A warehouse lease in Riyadh (Khanshalila district) with the heirs of Abdullah bin Ibrahim Al Jedaie, valued at SAR 602,210 annually, involving direct and indirect interests from Faisal, Abdulrahman, and Abdullah Al Jedaie.
- Two leases for retail and wholesale showrooms in Medina for Al Jedaie Fabrics (a subsidiary), totaling SAR 300,000 annually.
- Showroom leases for subsidiaries Aseela Trade and Jada Al Harir in Al Qassim, valued at SAR 168,000 and SAR 253,000 respectively, involving direct interests from the Chairman.
