First Avenue for Real Estate Development Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase (First Meeting)

Shareholders approved a 46.34% capital increase from SAR 205 million to SAR 300 million through the issuance of 95 million bonus shares, funded by capitalizing SAR 95 million from the share premium account.
The assembly authorized a share buyback of up to 3,000,000 shares to be held as treasury shares for a maximum of five years, and empowered the Board of Directors to distribute interim dividends for the 2026 fiscal year.
Key financing and related-party agreements were approved, including an interest-free revolving loan of up to SAR 100 million from board member Nader Alamri and a SAR 315 million Islamic credit facility with Bank AlJazira.
Forvis Mazars was appointed as the external auditor for the fiscal year ending December 31, 2025, with total fees set at SAR 440,000.

Element List	Explanation
Introduction	The Board of Directors of First Avenue Real Estate Development Company is pleased to announce to its esteemed shareholders the results of the Extraordinary General Assembly Meeting (First Meeting), which was held on Monday, 29/12/1447H, corresponding to 15/06/2026G.
City and Location of the Extraordinary General Assembly's Meeting	The company's headquarter in Riyadh and through modern technology means (remotely)
Date of the Extraordinary General Assembly's Meeting	2026-06-15 Corresponding to 1447-12-29
Time of the General Assembly’s Meeting	19:15
Percentage of Attending Shareholders	80.28%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The following members of the Board of Directors attended the General Assembly Meeting: • Mr. Nader Hassan Alamri (Vice Chairman and Chief Executive Officer) • Mr. Abdulsalam Abdulrahman Al-Majed (Board Member) • Mr. Mohammed Abdulkarim Al-Nafie (Board Member) • Mr. Osama Mohammed Basheer Qarqori (Board Member) • Mr. Khalid Hassan Al-Qahtani (Board Member) The Chairman of the Board of Directors, Mr. Hassan bin Attallah Al-Amri, was absent from the meeting.
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf	All committee chairmen attended the General Assembly Meeting, and they are as follows: - Dr. Waleed Omar Bahamdan (Chairman of the Audit Committee) - Mr. Khalid Hassan Al-Qahtani (Chairman of the Nominations and Remunerations Committee)
Voting Results on the Items of the General Assembly's Meeting Agenda's	Attached
Attached Documents	Attached Documents Attached Documents