UCIC shareholders approve dividend mandate, new auditor appointment
UCIC
1323 0.78% 25.76 0.20
Riyadh – Mubasher: United Carton Industries Company (UCIC) announced the results of its Ordinary General Assembly meeting held on 18 June 2026, where shareholders approved several key resolutions, according to a bourse disclosure.
The investors approved the authorization of interim dividend distributions for the 2026 fiscal year and ratified numerous related-party transactions and appointed PricewaterhouseCoopers (PwC) as the company’s external auditor for the coming years.
During the session, shareholders reviewed and discussed the board of directors' report and the consolidated financial statements for the 2025 fiscal year.
The assembly officially approved the auditor's report for the same period and discharged the board members from liability for their management during the 2025 fiscal year.
A significant outcome of the meeting was the approval of a mandate authorizing the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year ending 31 December 2026. This move provides the board with the necessary flexibility to manage shareholder returns throughout the year based on the company’s financial performance.
Regarding corporate governance and compensation, the assembly approved the disbursement of SAR 2.53 million in remunerations and allowances to members of the board and its sub-committees for the 2025 fiscal year.
Furthermore, the company appointed PricewaterhouseCoopers (PwC) as its external auditor. PwC will be responsible for reviewing and auditing financial statements for the second, third, and annual periods of 2026, the full year of 2027 and 2028, and the first quarter of 2029.
The initial fees for the 2026-2027 cycle were set at SAR 2.08 million, with subsequent fee adjustments tied to the Saudi government’s official annual inflation rate.
A substantial portion of the agenda focused on the ratification of related-party transactions and contracts conducted during 2025. These transactions involved various entities where board members hold indirect interests, including Zamil Air Conditioners and Home Appliances, Zamil Plastic Industries, and National Food Industries.
The largest of these transactions included a SAR 33.80 million deal for the sale of goods to the National Biscuit and Confectionery Co. and SAR 11.70 million transaction with the National Food Industries Co.
The board confirmed that all such dealings were conducted under standard commercial terms without any preferential treatment.
The assembly also addressed expenses related to the company’s Initial Public Offering (IPO). Shareholders approved the reimbursement of IPO-related costs to founding shareholders, including Zamil Holding, Zamil Investment, and Eastern Industrial Investment, totaling approximately SAR 4.09 million.
Similar IPO-related reimbursements were approved for Fremaux Investment and Omar Kassem Alesayi & Co.
Source: Mubasher Source: {{details.article.source}}