Riyadh – Mubasher: First Milling Company (First Mills) has announced the results of its Extraordinary General Meeting (EGM) held on 28 June 2026.
Shareholders approved a comprehensive suite of amendments to the company’s Articles of Association, the transfer of over SAR 82.82 million from the statutory reserve to retained earnings, and the appointment of a new board member.
The meeting, which achieved a quorum with 71.60% shareholder attendance, also saw the ratification of financial statements and auditor reports for the fiscal year ending 31 December 2025.
The meeting, conducted via modern technology from the company’s headquarters in Jeddah, focused heavily on restructuring the internal governance framework of First Mills.
Shareholders voted to amend several key articles of the company’s bylaws, including those governing share trading, the sale of unpaid shares, and the general management of the company.
Significant updates were made to the powers of the Board of Directors, the Chairman, and the Vice Chairman.
In a move to streamline the Articles of Association, several articles were repealed, including those specifically detailing board remuneration, the quorum for board meetings, and the preparation of assembly minutes.
These were replaced or supplemented by new articles concerning board decisions in urgent matters and refined protocols for board deliberations and general assembly meetings.
Notably, shareholders rejected a proposed addition to the bylaws that would have placed restrictions on changes in the ownership of shares.
Financial resolutions formed a core part of the assembly’s agenda. The assembly approved the transfer of the entire statutory reserve, totaling SAR 82.82 million as of 31 December 2025 financial statements, into the company’s retained earnings account.
Furthermore, the board was authorized to distribute SAR 2.26 million in remuneration to its members for 2025.
The assembly also addressed external auditing and board composition. KPMG was appointed as the external auditor to examine and audit the financial statements for the second and third quarters of 2026, the full 2026 fiscal year, and the first quarter (Q1) of 2027.
Regarding board membership, shareholders approved the election of Mohammed bin Hathhout Al Suwaidan to a newly created board seat. Additionally, the assembly ratified the prior appointment of Ahmed Mesfer Al Ghamdi as an independent director, filling the vacancy left by Yazeed Al Othman.
Both terms are set to conclude with the current board cycle on 14 August 2026.
Related-party transactions were also scrutinized and approved. These included an agreement with Al Mutlaq Group for Industrial Investment, involving Chairman Tariq Mutlaq Al Mutlaq, regarding expenses incurred on behalf of the company totaling SAR 82.73 million.
A second agreement for financial advisory services with Ehata Financial, involving Director Rakan Abdullah Abunayyan, was approved with a value of SAR 32,000. Both contracts were confirmed to be on standard commercial terms without preferential treatment.
