Riyadh – Mubasher: Watani Iron Steel Company has announced the results of its Ordinary General Assembly meeting (OGM) held on 28 June 2026, during which the shareholders approved the financial statements for 2025 as well as other items.
The shareholders also discharged the board of directors from liability and elected a new board for a four-year term, according to a bourse filing.
The meeting also saw the authorization of specific board members to engage in activities that compete with the company’s business.
A primary focus of the assembly was the review and ratification of the company’s performance for the 2025 fiscal year.
Shareholders formally reviewed the Board of Directors’ report and the company’s financial statements for the period.
Additionally, the assembly approved the external auditor’s report for the same fiscal year. Following these reviews, the General Assembly voted to discharge the members of the Board of Directors from liability regarding their management of the company during the 2025 financial period.
In a significant move regarding corporate governance and conflict of interest, the shareholders granted permission to Chairman Meshaal Abdul Karim Mohammed Al Rajhi and board member Mishari Abdul Karim Mohammed Al Rajhi to engage in business activities that may compete with Watani Steel’s operations.
Such authorizations are standard regulatory requirements under Saudi Companies Law to ensure transparency when directors hold interests in similar sectors.
The assembly also concluded the election process for the Board of Directors for the upcoming four-year cycle. The new term is scheduled to commence on 2 July 2026 and will conclude on 1 July 2030.
The elected members who will lead the company through this period include Abdul Karim Mohammed Al Rajhi, Yousef Mohammed Al Turaif, Meshaal Abdul Karim Al Rajhi, Mishari Abdul Karim Al Rajhi, Faisal Mohammed Hammad Al Obaid, and Abdullah Ahmed Saleh Al Samaani.
The meeting also saw participation from the heads of the company’s internal committees. Faisal Mohammed Hammad Al Obaid attended in his capacity as Chairman of the Audit Committee, while Mohammed Abdulrahman Omar Al Wusaidi represented the Nomination and Remuneration Committee.
Their presence underscored the company's commitment to oversight and regulatory compliance during the transition to the new board term.
This General Assembly marks a transition point for Watani Steel as it closes its 2025 financial accounts and establishes the leadership structure that will oversee its strategic direction through the end of the decade. operational mandate.
