Riyadh – Mubasher: Al Modawat Specialized Medical Company has approved a series of strategic financial and regulatory resolutions at a general assembly meeting held on 17 June 2026, according to a bourse disclosure.

The shareholders’ decisions included the authorization for the Board of Directors to distribute interim dividends for the 2026 fiscal year and the ratification of significant governance frameworks and related-party transactions.

A primary financial highlight of the assembly was the approval of a mandate allowing the Board of Directors to distribute interim dividends to shareholders on a semi-annual or quarterly basis for the fiscal year ending 31 December 2026.

This move provides the board with the flexibility to manage capital returns more dynamically throughout the year.

Furthermore, shareholders approved the payment of SAR 2.17 million in board remuneration for the 2025 fiscal year.

In terms of auditing and financial oversight, the assembly reviewed and approved the auditor’s report, board report, and financial statements for the 2025 fiscal year.

Following a recommendation from the Audit Committee, shareholders appointed RSM Allied Accountants for Professional Consultations to serve as the external auditor.

The firm will be responsible for reviewing and auditing the third-quarter and annual financial statements for 2026, as well as the first and second-quarter statements for 2027, for a total fee of SAR 350,000.

The assembly also addressed several related-party transactions involving Qiyam Arabia Company, in which Chairman Abdullah Al Yahya, Vice Chairman Abdulrahman Al Yahya, and CEO Abdulaziz Al Yahya hold indirect interests.

Shareholders ratified a three-year lease agreement for a new building that commenced in 2024, with transactions valued at SAR 3.07 million in 2025.

Additionally, approval was granted for three one-year lease agreements for retail units initiated in 2025, totaling SAR 393,087.

Al Modawat emphasized that these transactions were conducted on standard commercial terms without preferential treatment.

From a regulatory perspective, the assembly approved a comprehensive overhaul of the company’s internal bylaws and governance structures. This included the adoption of new policies for corporate governance, competition standards, conflict of interest, and membership procedures for the Board and its sub-committees.

Furthermore, shareholders approved amendments to the Articles of Association to include provisions for debt instruments and financing Sukuk, as well as updated rules regarding board meetings, decision-making evaluations, and the appointment or dismissal of external auditors.

It is worth noting that the company chose Suhail Partners Law Firm and Legal Consultants to serve as its legal advisor in line with its broader initiative to transfer to the Main Market (TASI) of the Saudi Exchange (Tadawul).