Riyadh - Mubasher: Dar Al Balad for Business Solutions Company has announced an Extraordinary General Meeting (EGM) scheduled for 26 July 2026 to vote on a comprehensive suite of corporate governance updates.
Key items on the agenda include expanding the Board of Directors, amending the company’s official name to reflect its listed status, and establishing a framework for the distribution of interim dividends.
The meeting, which will be conducted virtually via the Tadawulaty platform, represents a significant step in the company’s efforts to align its internal bylaws with the latest Saudi Arabian Companies Law and capital market regulations.
The Board of Directors of Dar Al Balad Business Solutions, a company with a subscribed capital of SAR 70 million, has invited shareholders to participate in the first meeting of the EGM at 19:30 on 26 July 2026.
In compliance with modern regulatory practices, the assembly will be held exclusively through modern technology, allowing shareholders registered with the Securities Depository Center (Edaa) to cast their votes electronically.
A primary focus of the meeting is the proposed amendment to Article 8 of the Company’s Bylaws, which governs the administration of the firm. The board is seeking shareholder approval to increase the number of board members from five to six.
Furthermore, the amendment proposes a shift in the quorum requirements for board meetings and decision-making. Under the new proposal, the quorum for a valid meeting and the threshold for passing resolutions would be adjusted to 66.66% of members, down from the current 80% requirement.
The agenda also includes a formal proposal to amend Article 2 to update the company’s name to Dar Al Balad Business Solutions Company (Listed Joint Stock Company).
This change is accompanied by the proposed addition of new articles to the bylaws, including a specific provision for the trading of shares in accordance with the Capital Market Law and its executive regulations.
In a move to enhance shareholder returns and financial flexibility, the assembly will vote on adding an article regarding the distribution of interim dividends. If approved, this will empower the board to distribute dividends on a semi-annual or quarterly basis for the fiscal year ending 31 December 2026.
This authorization is subject to the company maintaining a healthy and regular profitability profile and ensuring sufficient liquidity as per the latest audited financial statements.
Transparency and governance are further addressed through a proposed new article regarding the disclosure of interests in business and contracts.
This article would mandate that board members immediately notify the board of any direct or indirect interests in company contracts, prohibiting them from voting on such matters to prevent conflicts of interest.
Additional agenda items include the appointment of an external auditor from a shortlist recommended by the audit committee. The selected firm will be responsible for reviewing and auditing the financial statements for the second, third, and annual periods of 2026, as well as the first quarter (Q1) of 2027.
Shareholders will also vote on authorizing the board to exercise the powers of the Ordinary General Meeting (OGM) regarding certain licenses under Article 27 of the Companies Law for a period of one year.
Electronic voting for the assembly is scheduled to commence at 01:00 on Tuesday, 21 July 2026, and will remain open until the conclusion of the meeting. To reach a legal quorum, the assembly requires the attendance of shareholders representing at least 50% of the company’s voting shares.
