MESC approves interim dividend authorization, financial results
MESC
2370 0.74% 32.74 0.24
Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) has announced the successful conclusion of its second Ordinary General Assembly meeting, where shareholders ratified several key financial and administrative resolutions.
Held on 9 June 2026, the assembly approved the company’s financial statements for the 2025 fiscal year and granted the board of directors the authority to distribute interim dividends for the 2026 period, according to a bourse filing.
A primary focus of the assembly was the review of the company’s performance for the 2025 fiscal year in addition to formally discussing and approving the board of directors' report, the independent auditor's report, and the audited financial statements for that period.
These approvals signify the completion of the statutory reporting requirements for the previous financial year.
In addition to reviewing past performance, the assembly made significant decisions regarding the company’s future auditing and governance. Based on a recommendation from the Audit Committee, shareholders approved the appointment of Professional Consultants (Al-Mustasharun Al-Mehaniyun) to serve as the company's external auditor.
This firm will be responsible for the examination and audit of the financial statements for the second and third quarters of 2026, the full 2026 fiscal year, and the first quarter of 2027. The total cost for these auditing services is SAR 834,600 excluding Value Added Tax.
The assembly also addressed matters of compensation and internal policy. Shareholders approved a total remuneration of SAR 4.80 million for the board of directors for the 2025 fiscal year. Furthermore, the meeting saw the approval of amendments to the remuneration policy for the board of directors, its various committees, and the executive management, ensuring the company’s compensation framework remains updated.
In a move aimed at enhancing shareholder value and financial flexibility, the assembly authorized the board of directors to distribute interim dividends on a quarterly or semi-annual basis throughout the 2026 fiscal year. This resolution empowers the board to manage dividend payouts in alignment with the company’s ongoing financial position and cash flow requirements.
Finally, the board was granted the authorities of the Ordinary General Assembly as permitted under Paragraph 1 of Article 27 of the Companies Law. This delegation of power is effective for one year from the date of the assembly’s approval or until the end of the current board term, whichever comes first. This measure is designed to facilitate efficient corporate governance and decision-making in accordance with the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.
Source: Mubasher Source: {{details.article.source}}