Riyadh – Mubasher: ARTEX Industrial Investment Company convened its Ordinary General Assembly Meeting on 24 June 2026, where shareholders approved several key resolutions including the appointment of a new external auditor and the ratification of significant related party contracts.
The investors reviewed and discussed the Board of Directors' 2025 report and the consolidated financial statements for the fiscal year ended on 31 December 2025, according to a bourse disclosure.
The assembly also formally approved the auditor's report for the 2025 period and discharged the Board of Directors from liability for the same year.
A primary highlight of the meeting was the appointment of Baker Tilly as the company’s external auditor to be responsible for the examination and audit of the financial statements for the second, third, and annual periods of the 2026 fiscal year, as well as the first quarter of 2027.
The professional fees for the Baker Tilly services were set at SAR 1.29 million.
Shareholders also addressed corporate governance and compensation matters, as they approved a revised policy for remunerations and attendance allowances for the Board of Directors, its sub-committees, and the executive management.
Furthermore, a remuneration of SAR 100,000 was approved for each board member for the 2025 fiscal year.
Notably, three board members—Sulaiman bin Omar Al-Abdullatif, Abdullatif bin Omar Al Abdullatif, and Fahad bin Omar Al Abdullatif—waived their entitlement to these bonuses.
In terms of related party transactions, the assembly ratified ongoing business contracts between ARTEX and Al Abdullatif Furniture Company. These transactions involve the wholesale of carpets and rugs, totaling approximately SAR 36.26 million during the 2025 fiscal year.
The board members Sulaiman, Abdullatif, and Fahad bin Omar Al Abdullatif were identified as having indirect interests in these dealings.
The company clarified that these contracts are conducted on standard commercial terms without preferential conditions and are subject to annual renewal by the General Assembly.
Furthermore, the assembly granted the Board of Directors the authority to exercise the powers of the Ordinary General Assembly regarding licensing requirements under Article 27 of the Companies Law. This authorization is valid for one year from the date of approval or until the end of the current board term, whichever is earlier, in accordance with the regulatory requirements for listed joint-stock companies.
The meeting concluded with the confirmation of attendance by the heads of the Audit Committee, Executive Committee, and the Remuneration and Nomination Committee, ensuring that all regulatory oversight requirements were met during the voting process.
