Riyadh – Mubasher: Almunajem Foods Company has announced the results of its Extraordinary General Assembly meeting, where shareholders approved several strategic financial measures, according to a bourse filing.
The agenda included the authorization for interim dividend distributions for 2026 and the ratification of significant related-party transactions.
The meeting, held on 7 June 2026, was presided over by Chairman Saleh bin Abdullah Almunajem. Other key board members in attendance included Vice Chairman Nader bin Ibrahim Al Wahibi, Suleiman bin Abdulrahman Al Gwaiz, who also chairs the Audit Committee, and Hassan bin Shakib Al Jabri, Chairman of the Nominations and Remunerations Committee.
During the session, shareholders reviewed and discussed the board of directors’ report and the company’s financial statements for the 2025 fiscal year. The assembly approved the auditor’s report for the same period and moved to discharge the board members from liability for their performance during the 2025 fiscal year.
Additionally, a total remuneration of SAR 1.5 million was approved for the board of directors for the 2025 period.
A pivotal outcome of the meeting was the approval to delegate the board of directors with the authority to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year. This move is intended to provide more frequent returns to shareholders.
In a further effort to strengthen the company’s financial standing, the assembly approved the transfer of existing reserves into a general reserve account. This strategic reallocation is designed to support Almunajem Foods’ operational requirements and future expansion plans.
Shareholders also voted in favor of amending Article 3 of the Company’s Bylaws, which outlines the primary objectives and business purposes of the organization.
The assembly also addressed a comprehensive list of related-party transactions and contracts scheduled for 2025. The largest of these involved France Poultry, where food material purchases were approved for a total value of SAR 386.84 million. This transaction involved indirect interests from board members Saleh bin Abdullah Almunajem, Nader bin Ibrahim Al Wahibi, and Abdullah Omar Bawazir.
Another significant contract was approved with Balady Poultry for food purchases valued at SAR 93.14 million, involving indirect interests from directors Abdullah bin Omar Bawazir and Thamer bin Abdulaziz Abanumay.
Other approved contracts included transactions with Bait Al Shwaya for food sales totaling SAR 17.38 million and equipment purchases from Buraidah Trading and Refrigeration valued at SAR 11.19 million.
The assembly also ratified smaller-scale agreements with Gulf Catering, Diet Center Food Company, Al Zad Saudi Company, and Dhati Limited, covering food sales, shared services, and employee meals. Real estate and rental agreements were also cleared, including contracts with Al Kafaah Real Estate and Sons of Abdullah Ali Almunajem for office and housing sites.
The board confirmed that all related-party contracts were conducted on an arm’s length basis without any preferential terms.
The meeting concluded with the approval of a marketing consultancy agreement with Four Steps Marketing Establishment, involving director Mohammed bin Ibrahim Al Ruwaita, and food sales to Manajem Entertainment.
These approvals provide the company with the necessary regulatory clearance to maintain its extensive supply chain and operational partnerships throughout the upcoming fiscal periods.
