Riyadh - Mubasher: Flynas Company has issued a corrective disclosure through the Saudi Exchange (Tadawul) concerning the results of its Extraordinary General Meeting held on 25 June 2026.
The amendment specifically addresses the financial details regarding the appointment of the company’s external auditor, PricewaterhouseCoopers (PwC), clarifying the professional fees associated with the engagement for the 2026 and 2027 fiscal periods.
The correction pertains to an announcement originally published on 28 June 2026. In the initial disclosure, the company confirmed the appointment of PwC as the external auditor based on the recommendation of the audit committee.
However, the original statement omitted the specific financial compensation for these services. The updated disclosure clarifies that the total fees for the audit and review of the company’s financial statements amount to SAR 2.95 million, excluding Value Added Tax (VAT).
The scope of the auditor's mandate includes the examination, review, and audit of the financial statements for the second and third quarters of the 2026 fiscal year, the annual financial statements for 2026, and the first quarter (Q1) of 2027.
Beyond the administrative correction, the EGM meeting covered a comprehensive agenda focused on the 2025 fiscal year performance and corporate governance.
Shareholders reviewed and discussed the Board of Directors' report, the auditor's report, and the financial statements for the year ending 31 December 2025.
Following these discussions, the assembly approved the discharge of the Board of Directors from liability for the same period and authorized the payment of board remuneration totaling SAR 2.87 million.
A significant structural financial decision was also ratified, involving the transfer of the company’s statutory reserve, valued at SAR 43.50 million, into retained earnings.
This move follows the regulatory framework established by the Saudi Companies Law issued in 2022, which removed the mandatory requirement for a statutory reserve, allowing companies greater flexibility in managing their capital reserves according to their specific operational needs.
The assembly also approved several related-party transactions conducted during 2025. These included substantial financing and banking agreements with Banque Saudi Fransi and Saudi Fransi Capital, involving Murabaha facilities and IPO-related advisory fees.
Specifically, the company disclosed Murabaha facilities with BSF totaling over SAR 1.01 billion and IPO advisory fees to Saudi Fransi Capital amounting to SAR 45.30 million.
Further approvals were granted for transactions with National Air Services (NAS Holding) involving the settlement of SAR 150 million from IPO proceeds, as well as service agreements with NAS Private Aviation LLC and the Saudi Air Navigation Services (SANS).
The company emphasized that all transactions with related parties, which involve shared board memberships among several directors, including Chairman Ayedh Al-Juaid and Managing Director Bander Al-Mohanna, were conducted within the ordinary course of business without preferential terms.
