Ordinary General Assembly for the Fiscal Year Ended March 31, 2025
The meeting was chaired by Mr. Al-Hareth Abdulrazzaq Al-Khaled, Chairman of the Board of Directors, and attended by the company’s external auditor, Mr. Mohamed Farouk Mahrous of Rashed Ayoob Yousif Al-Shaddad – Rodl Middle East Burgan.
Shareholders representing 223,077,369 shares out of the company’s total outstanding shares of 250,000,000 (i.e., 89.231%) were present. As such, the legal quorum for holding the meeting was confirmed.
The Chairman opened the meeting by welcoming the shareholders and thanking them for their attendance. The General Assembly then proceeded to discuss the agenda items and resolved the following:
The Board of Directors’ Report for the fiscal year ending 31 March 2025 was read and approved.
The Auditors’ Report for the fiscal year ending 31 March 2025, prepared by Rashed Ayoob Yousif Al-Shaddad – Rodl Middle East Burgan, was read and approved.
The report on violations and penalties issued by regulatory bodies was reviewed. It was confirmed that there were no violations.
The financial statements for the fiscal year ending 31 March 2025 were discussed and approved.
Approval was granted to allocate 10% of the net profit, amounting to KWD 251,530, to the statutory reserve.
Approval was granted to allocate 10% of the net profit, amounting to KWD 251,530, to the voluntary reserve.
The General Assembly approved the Board of Directors’ recommendation to distribute a cash dividend of 5% of the nominal value of each share (equivalent to 5 fils per share), amounting to a total of KWD 1,250,000 for the fiscal year ending 31 March 2025, to shareholders registered as of the date of the General Assembly meeting.
The related party transactions carried out during the fiscal year ending 31 March 2025 were presented and approved. The Board of Directors was also authorized to conduct related party transactions during the fiscal year ending 31 March 2026.
The members of the Board of Directors were discharged from liability for their legal, financial, and administrative actions for the fiscal year ending 31 March 2025.
The Board of Directors’ recommendation regarding the remuneration of Board members, amounting to KWD 21,000 for the fiscal year ending 31 March 2025, was discussed.
The reappointment of the external auditor, Mr. Rashed Ayoob Yousif Al-Shaddad – Rodl Middle East Burgan – Global Accountants, was approved.
The Ordinary General Assembly elected the Board of Directors for the sixth term (2025–2028) as follows:
Mr. Al-Hareth Abdulrazzaq Al-Khaled
Mr. Abdullah Saud Al-Humaidhi
Mr. Khaled Abdullah Al-Ali
Mr. Hazem Mishari Khaled Al-Khaled
Mr. Abdullah Abdulmajeed Maarefi