Riyadh – Mubasher: The shareholders of Halwani Bros Company approved several critical resolutions including the appointment of a new external auditor, the ratification of financial reports for the 2025 fiscal year, and a comprehensive overhaul of the company’s Articles of Association.
The meeting took place on 24 June 2026, where the investors reviewed and approved the company’s operational and financial performance for the 2025 fiscal year, according to a bourse filing.
Shareholders formally discussed and approved the Board of Directors’ report and the audited financial statements for the period.
Furthermore, the assembly approved the discharge of the Board of Directors from liability for the 2025 fiscal year.
A significant outcome of the meeting was the appointment of Dr. Mohamed Al Amri & Co. (BDO) as the company’s external auditor to be responsible for the examination and audit of the second (Q2) and third quarter financial statements of 2026, the annual statements for the 2026 fiscal year, and Q1-27.
The total fees for these professional services were set at SAR 535,000 excluding Value Added Tax (VAT).
The assembly also granted the Board of Directors the authority of the Ordinary General Assembly for a period of one year, or until the end of the current board session, whichever comes first.
This delegation is in accordance with the implementing regulations of the Companies Law for listed joint-stock companies.
A substantial portion of the agenda focused on the ratification of related-party transactions and contracts executed during 2025. These transactions involved various entities where board members hold indirect interests, including Dallah Taiba Hotel, Dallah Hospital, and Al Wasta Food Services Company.
Notable among these was a contract with Fast Food Company (Express Food), involving the sale of finished goods valued at approximately SAR 8.40 million. The company confirmed that all such dealings were conducted without preferential terms and followed standard commercial protocols.
In a move to modernize its corporate governance framework, shareholders approved extensive amendments to the company’s Articles of Association. The revisions impacted 17 different articles, ranging from the company’s objectives and headquarters to the powers of the board and the mechanisms for general assembly meetings.
Key changes included updates to the company’s capital structure (Article 7), board remuneration (Article 20), and the introduction of a new article (Article 37) specifically detailing the mechanism for electronic voting in assemblies. The assembly concluded by authorizing the renumbering and reorganization of the bylaws to reflect these comprehensive updates.
The meeting was attended by the majority of the board, including Vice Chairman Jameel bin Abdullah Al Molhem and the heads of the Audit and Nomination and Remuneration committees, ensuring direct oversight of the proceedings.
In Q1-26, Halwani Bros generated SAR 15.41 million in net profits attributable to the shareholders.
