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Red Sea International Approves PwC Audit, Board Remuneration and By-law Amendments at Extraordinary Meeting
In Riyadh on 18 June 2026, shareholders of Red Sea International Company (RSI), ticker 4230 on the Saudi Exchange, ratified a bundle of governance measures that will shape the firm’s financial oversight for the coming year.
The extraordinary general assembly confirmed the Board of Directors’ report, the auditor’s report and the consolidated financial statements for FY 2025, which had been filed with the exchange on 31 March 2026. Shareholders also discharged the board members from liability for their management of the 2025 period, a statutory step required under Saudi Companies Law to close the fiscal cycle.
A key outcome was the appointment of PricewaterhouseCoopers (PwC) as RSI’s external auditor. The decision followed a recommendation from the audit committee. PwC will audit the company’s statements for the second, third and fourth quarters of FY 2026, the full‑year 2026 results and the first quarter of FY 2027. The total professional fees for these services were set at SAR 3.06 million, excluding value‑added tax, and the engagement is intended to preserve independent oversight of RSI’s financial reporting.
Shareholders also approved a SAR 2.01 million remuneration package for board members for FY 2025. The figure aligns with RSI’s disclosed compensation policy and fits within the company’s governance framework.
Under Article 27 of the Companies Law, the assembly granted the Board of Directors the powers of an ordinary general assembly. This authorization is valid for one year from the date of approval or until the end of the current board’s term, whichever comes first, and remains subject to regulatory requirements issued by the Capital Market Authority.
In addition, a strategic amendment to the Articles of Association was adopted. Article 4, which outlines the company’s primary objectives and business purposes, was modified. While the summary does not disclose the specific changes, such amendments typically bring the legal framework in line with evolving operational strategies.
The meeting concluded with the confirmation of all voting results. Shareholders were directed to the Investor Relations department for any further clarification. RSI will continue to report quarterly financial results in accordance with Saudi Exchange requirements.
These approvals represent a routine exercise of corporate governance and financial oversight for a listed Saudi joint‑stock company, setting the stage for the company’s upcoming audit cycle and the next series of earnings announcements.
The extraordinary general assembly confirmed the Board of Directors’ report, the auditor’s report and the consolidated financial statements for FY 2025, which had been filed with the exchange on 31 March 2026. Shareholders also discharged the board members from liability for their management of the 2025 period, a statutory step required under Saudi Companies Law to close the fiscal cycle.
A key outcome was the appointment of PricewaterhouseCoopers (PwC) as RSI’s external auditor. The decision followed a recommendation from the audit committee. PwC will audit the company’s statements for the second, third and fourth quarters of FY 2026, the full‑year 2026 results and the first quarter of FY 2027. The total professional fees for these services were set at SAR 3.06 million, excluding value‑added tax, and the engagement is intended to preserve independent oversight of RSI’s financial reporting.
Shareholders also approved a SAR 2.01 million remuneration package for board members for FY 2025. The figure aligns with RSI’s disclosed compensation policy and fits within the company’s governance framework.
Under Article 27 of the Companies Law, the assembly granted the Board of Directors the powers of an ordinary general assembly. This authorization is valid for one year from the date of approval or until the end of the current board’s term, whichever comes first, and remains subject to regulatory requirements issued by the Capital Market Authority.
In addition, a strategic amendment to the Articles of Association was adopted. Article 4, which outlines the company’s primary objectives and business purposes, was modified. While the summary does not disclose the specific changes, such amendments typically bring the legal framework in line with evolving operational strategies.
The meeting concluded with the confirmation of all voting results. Shareholders were directed to the Investor Relations department for any further clarification. RSI will continue to report quarterly financial results in accordance with Saudi Exchange requirements.
These approvals represent a routine exercise of corporate governance and financial oversight for a listed Saudi joint‑stock company, setting the stage for the company’s upcoming audit cycle and the next series of earnings announcements.
