Afaq Educational Services Co
Symbol Afaq OTC Code 246 Type of Trade HYBRID
Date of last trade/ date of last hybrid deal:   09 February 2025
Last Price:   Last Price is available exclusively to certain of our subscriptions. Refer to the features of our different packages.

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Company Name Afaq Educational Services Co
Sector Services
Sub-sector Education
Legal form Closed Kuwaiti Shareholding Company
Company establishment date 19 July 1993
Company purpose
  • Providing consultations on the establishment and development of educational and training institutions, preparing and updating relevant systems, programmes and curricula and providing educational and training services (with the necessary conditions available to the individuals providing this service). 
  • Participate with government bodies and other institutions in the establishment of schools and institutes within an agreed period with the devolution of ownership to either party. 
  • Contribute to companies and projects whose purposes include educational activities. 
  • Owning, organizing, managing and providing recreational services of an educational nature using the latest advanced means. 
  • Owning, renting and selling land and real estate necessary to achieve the purposes of the parent company and its facilities and provide housing for its employees. 
  • Employing surplus funds available to the parent company by investing them in financial portfolios managed by specialized companies. 
  • Implementation of training programs and provision of educational and training consultations to others. 
  • Establishment and ownership of national institutes, technical and technological training centres and technical schools, providing technical and educational support to governmental and private bodies in these areas, as well as managing those institutions owned by the parent company or third parties; 
  • The parent company may have shares or participate in establishments engaged in similar activities that may assist the parent company in achieving its purposes inside or outside Kuwait. The parent company may establish, acquire, participate in or join such companies. 
Company profile

Afaq Company for Educational Services, a Kuwaiti closed shareholding company, was established on July 19, 1993, in compliance with the Commercial Companies Law. The company's shares were subsequently listed on the Kuwait Stock Exchange on March 19, 2008. In a general assembly meeting held on February 8, 2017, shareholders approved the resolution to delist the company from Boursa Kuwait. This decision received the approval of the Capital Markets Authority on April 26, 2017, and the delisting was finalized on December 28, 2017. Afaq Company for Educational Services is registered under No. 54612 in the commercial register.
The company's activities adhere to the teachings of tolerant Islamic Sharia.

Company capital:
Regarding the company's capital, the previous authorized, issued, and fully paid-up capital of Aqaaf for Educational Services stood at KD 3,600,000, as indicated in the financial report for the fiscal year ending on August 31, 2019. This capital was distributed over 36,000,000 shares, each with a nominal value of 100 fils, and all shares were in the form of cash.
On December 16, 2019, an Extraordinary General Assembly of Afaq approved the reduction of the capital from KD 3,600,000 to KD 1,000,000. This revised capital was distributed over 10,000,000 shares, each with a nominal value of 100 fils, and all shares remained in the form of cash. Consequently, amendments were made to Article (5) of the Articles of Association and Article (6) of the Memorandum of Association pertaining to the capital.
The current authorized, issued and paid up capital of Aafaq Educational Services as stated in the Company's annual financial report for the fiscal year ended 31 August 2022 is KD 1,000,000 (KD 1,000,000 / 2021) distributed over 10,000,000 shares with a nominal value of 100 fil) per share, and all shares are cash 

Shareholding records Kuwait Clearing Company (KCC)
Auditor Grant Thornton - Al-Qatami, Al-Aiban & Partners
Date of joining the OTC Platform 13 December 2018
Type of deal HYBRID
Sharia'a compliant Yes
Source of Data Various credible sources
Last Updated On 18 September 2024
Location

Kuwait - Hawalli - Al-Othman Street - Al-Abraaj Complex - Floor No. 8

Tel

1838010 - 22620768 – 22620739- 22391601

Fax

22620801

Email Address

info@afaq.com.kw

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