Amendments include adding the duties of an investment portfolio manager, to include mediation in lending and borrowing operations for commission or a fee, representing itself or third parties.

Wafra International Investment Company held its Extraordinary General Meeting (EGM) and passed a resolution to amend Article (5) of the Memorandum of Incorporation, and Article (4) of its Articles of Association.
Raed Al-Nisf Chairman of Wafra International Investment Company said in a press release, that the amendments included the objectives for which the company was established to be aligned with its future plans, including carrying out financial investment operations in all economic sectors in Kuwait and abroad, for its own account and on behalf of third parties, to invest in real estate, industrial, agricultural and other economic sectors, by contributing to the establishment of specialized companies or buying shares of these companies for the company’s account, as well as transactions related to trading of securities through the purchase and sale of shares and bonds of local and international companies and government institutions.
Al-Nisf added that the amendments included adding the duties of investment portfolio managers, including lending and borrowing brokerage transactions for a commission or a fee, for the company’s own accounts or on behalf of third parties, in addition to finance and brokerage activities related to international trade operations, investment advisor, collective investment scheme manager, and underwriter. He highlighted that the amendments also included adding the duties of market maker, as the company may have an interest with entities that carry out businesses similar to its own or that may be conducive in acquisition activities, and it may buy, participate in, associate with or merge with such entities in Kuwait or abroad. 
He pointed out that the Company’s EGM also approved the amendment of Article (13) of its Articles of Association as follow: The management of the Company shall be entrusted to a board of directors consisting of 8 members. All shareholders, individuals, or legal entities, may cast their votes to elect board members pro rata to the number of shares they own. Shareholders who are represented on the Board of Directors may not participate with the other shareholders in the election of the remaining members of board members except within the remaining available limits for the appointment of their representatives. Shareholders shall be responsible for the work of their representatives towards the company, creditors, and shareholders