The General Assembly of “Maaden” approves the transfer of the reserve balance to retained earnings

The Saudi Arabian Mining Company (Ma’aden) announced the results of the fourteenth extraordinary general assembly meeting (first meeting) held yesterday, Sunday.

Ma’aden said in a statement on its website "Saudi Arabia trading"The results of the vote on the Assembly’s agenda included:

1. Review and discuss the company’s consolidated financial statements for the fiscal year ending on December 31, 2025.

2. Approval of the auditor’s report for the fiscal year ending on December 31, 2025.

3. Reviewing and discussing the report of the company’s Board of Directors for the financial year ending on December 31, 2025.

4. Approval to disburse an amount of (13,555,000 riyals) as bonuses to members of the Board of Directors and its committees for the fiscal year ending on December 31, 2025.

5. Approval of the works and contracts concluded for the fiscal year ending on 12-31-2025 AD between the company and the Saudi Arabian Oil Company ("Saudi Aramco") in which the two members of the Board of Directors, Yasser bin Othman Al-Rumayyan (non-executive member) and Muhammad Yahya Al-Qahtani (non-executive member), have an indirect interest, and it is a contract for the purchase of raw materials and energy products, for an amount of (4,050,545,646 riyals) without preferential conditions.

6. Approval of the works and contracts that took place during the fiscal year ending 12‑31‑2025 AD between the company and the Saudi Basic Industries Corporation (SABIC), in which the two members of the Board of Directors, Yasser bin Othman Al-Rumayyan (non-executive member) and Muhammad Yahya Al-Qahtani (non-executive member) have an indirect interest in, which is a marketing and profit distribution agreement for both Ma’aden Phosphate Company and Ma’aden Waad Al-Shamal Phosphate Company, in an amount of (4,272,403,263 riyals) without preferential conditions.

7. Approval of the business and contracts that took place during the fiscal year ending on December 31, 2025 between the company and Alinma Bank, in which Board of Directors member Ahmed Abdulaziz Al-Haqbani (independent member) has an indirect interest, which is interest income generated from bank deposits, sukuk investments, facilities, and loans, in an amount of (133,502,290 riyals) without preferential conditions.

8. Approval of the works and contracts that took place during the fiscal year ending on December 31, 2025 between the company and the Public Investment Fund, in which Board of Directors member Yasser bin Othman Al-Rumayyan (non-executive member) has an indirect interest, which is a financing cost resulting from long-term loans and repayment of the principal of the loans, in an amount of (372,308,554 riyals) without preferential conditions.

9. Approval to transfer the balance of the statutory reserve amounting to 157,732,649 riyals, as shown in the consolidated financial statements announced for the financial year ending on December 31, 2025 AD, to the retained earnings account.

10. Approval to delegate the authority of the Board of Directors to the Ordinary General Assembly with the license contained in Paragraph (1) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the delegated Board of Directors’ session, whichever comes first, in accordance with the conditions contained in the Executive Regulations of the Companies Law for listed joint-stock companies.

11. Approval to delegate the authority of the Ordinary General Assembly to the Board of Directors, with the license contained in Paragraph (2) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the delegated Board of Directors’ session, whichever is earlier, in accordance with the conditions contained in the Executive Regulations of the Companies Law for listed joint-stock companies.

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