Aref Investment Group will hold its Extraordinary General Meeting (EGM) for the financial year ended on 31 December  2020 on Sunday, 20 February 2022 at the company’s headquarters, to discuss the amendment of Article (5) of the Memorandum of Incorporation and Article (4) of the Articles of Association as follows: “Without prejudice to the provisions of Decree-Law No. 25 of 2012 promulgating the Companies Law, its amendments and its executive regulations, the objectives for which the company was established are to perform the following activities in the State of Kuwait and overseas:
1-Investment portfolio manager. 2- Investment in the commercial and productive sectors in industrial, agricultural, and other fields, whether that investment is direct or through a shareholding in existing companies or the establishment of new companies. 3- Provide technical and administrative services for projects, preparing economic feasibility studies, exploring opportunities for establishing new projects, providing financial advice for preparing the restructuring of the company’s financial position, proposing such restructuring, and providing service and advisory services in finding financing opportunities, provided that the financing is not provided through the company. 4- Trading securities for the company's account directly through investment portfolios.
Provide Sharia advisory opinion on the company's activities. - Verify the company's compliance with the provisions of Islamic Sharia. - Submit an annual report to the company’s Annual General Meeting that includes its opinion on the extent to which the company’s business, activity and behavior are compatible with the provisions of Islamic Sharia and the extent to which the company’s management is committed to complying with the opinions expressed by the Shariah Supervisory Board in this regard and the observations it has on the company’s business. This report is included in the company's annual report.
Opinions are taken by majority. In the event that a majority cannot be achieved and there is a disagreement between the members of the Shariah Board on the Shariah ruling, the issue of the dispute is referred to the Fatwa Board at the Ministry of Endowments and Islamic Affairs, and the provisions of Articles (608-992-1041) of the Civil Code and Article (237) of the Commercial Law do not apply on the actions carried out by the company within its objectives in accordance with the provisions of Islamic Sharia.
The upcoming EGM will also discuss amending Article (28) of its Articles of Association as follows: “The board of directors is fully authorized to manage the company’s affairs and run its business pursuant to its objectives without violating applicable laws, the company’s Memorandum of Incorporation or the resolutions issued by the General Assembly.  The board of directors may open accounts with banks, sell and mortgage the company’s real estate properties, and conclude the issuance of guarantees, arbitration, reconciliations and donations on behalf of the company, without violating applicable laws, or the resolutions issued by the Annual or Extraordinary General Meetings. The Board of Directors may also delegate the Executive Committee or the CEO to exercise some of those authorizations.