Riyadh - Mubasher: ADES Holding Company announced the results of its Ordinary General Meeting (EGM) held on 28 June 2026, where shareholders approved the authorization of semi-annual interim dividends for 2026 and the reappointment of KPMG as the group’s external auditor.
The meeting, conducted virtually from the company’s headquarters in Al Khobar, achieved a quorum with 76.58% of the share capital represented.
During the session, shareholders reviewed and discussed the board’s report and the consolidated financial statements for the fiscal year ending 31 December 2025.
Following these discussions, the assembly officially approved the auditor’s report for the same period and discharged the members of the Board of Directors from liability for their management during 2025.
In a significant move regarding shareholder returns, the assembly granted the Board of Directors the authority to distribute interim dividends on a semiannual basis for 2026. This mandate provides the board with the necessary flexibility to manage capital distributions in alignment with the company’s financial performance throughout the year.
The assembly also addressed the appointment of the company’s external audit firm. Based on a recommendation from the audit committee, shareholders approved the selection of KPMG Professional Services to examine and audit the company’s financial statements.
The scope of this engagement covers the second and third quarters of 2026, the full-year consolidated financial statements for 2026, and the first quarter (Q1) of 2027. The professional fees for these services were set at SAR 4.37 million, excluding value-added tax (VAT).
Furthermore, the assembly approved an additional payment of SAR 937,500 to KPMG Professional Services as compensation for extra work hours incurred during the audit of 2025 financial statements.
Regarding board compensation, the shareholders approved a total remuneration of SAR 5.23 million for the members of the Board of Directors for the fiscal year ending 31 December 2025.
The meeting saw the attendance of several high-ranking board members and committee chairs, including Mohamed Farouk Abdelkhalek, Chairman of the Investment Committee, and Mohamed Walid Sharif, who chairs both the Audit and the Nomination and Remuneration Committees.
In addition to financial and administrative approvals, the assembly authorized the Board of Directors to exercise the powers of the OGM as stipulated under Paragraph (1) of Article 27 of the Companies Law.
This authorization is valid for one year from the date of the assembly’s approval or until the end of the current board session, whichever occurs first.
This measure is intended to streamline corporate governance and decision-making processes in accordance with the executive regulations for listed joint-stock companies in Saudi Arabia.
The meeting concluded with the board expressing its appreciation to the shareholders for their participation through the Tadawulaty system, emphasizing the company's commitment to transparency and regulatory compliance within the Saudi capital market.
ADES Saudi Limited Company recently entered into a binding sale and purchase agreement to acquire Saudi Arabian Saipem Limited for $285 million (SAR 1.07 billion).
