Riyadh – Mubasher: Yaqeen Capital Company has announced the successful conclusion of its Extraordinary General Assembly Meeting (EGM), where shareholders approved the fiscal year 2025 financial statements and authorized a comprehensive suite of amendments to the company’s Articles of Association.
The meeting took place on 14 June 2026, where shareholders reviewed and discussed the board of directors’ report and the auditor’s report for the 2025 fiscal year.
Following these discussions, the assembly officially approved the company’s financial statements for the same period and discharged the members of the Board of Directors from liability for their management during the 2025 financial year.
A significant portion of the meeting focused on the company’s future auditing and governance structures. Shareholders approved the appointment of PricewaterhouseCoopers (PwC) as the company’s external auditor. PwC will be responsible for examining and auditing the semi-annual and annual financial statements for the fiscal year ended on 31 December 2026.
The professional fees for the PwC services were set at SAR 750,000 excluding Value Added Tax (VAT).
Furthermore, the assembly ratified the appointment of Abdullah bin Mohammed Al Shammasi as an independent director effective from 25 June 2025, to complete the current board term ending on 8 February 2027.
The assembly also approved a total remuneration of SAR 508,000 Saudi Riyals for board members for the 2025 fiscal year.
The meeting also addressed related-party transactions conducted during 2025. Shareholders approved a contract with Falcom Holding, a major shareholder, involving investment account management services totaling SAR 366,798.
Similarly, an agreement with Nayifat Finance Company, a subsidiary of a major shareholder, was ratified for the management of Sharia-compliant commodity accounts used for Murabaha contracts, with fees and commissions totaling SAR 899,539.
Both transactions were confirmed to have been conducted without preferential terms and involved indirect interests for board members Abdulmohsen Al Saleh and Salman bin Shaiween.
Internal Bylaw Amendments
The Extraordinary General Assembly approved a wide-ranging overhaul of the company’s internal bylaws to align with current regulatory requirements and operational needs. Key amendments were made to Article 5 regarding the company’s duration and Article 6 concerning participation and ownership in other companies.
Shareholders also approved modifications to articles governing the issuance of shares (Article 11), the purchase, sale, or pledging of the company’s own shares (Article 14), and the powers of the Board of Directors (Article 22).
To streamline the governance document, Article 27 and Article 47 were deleted due to redundancy.
Additionally, the assembly adjusted the quorum requirements for both Ordinary and Extraordinary General Assemblies (Articles 33 and 34) and updated the protocols for dividend distribution, reserve formation, and preferred stock dividends (Articles 40 and 42).
